Labour's Proposed Abolition and the Ongoing Debate

Labour's Proposed Abolition and the Ongoing Debate

A Summary

74,000 in 2022-23, up from 68,900 in 2021-22.

Abolish non-dom status to raise funds for public services.

Non-doms only pay UK tax on UK-earned income.

Phase out non-dom status for new residents from April 2025.

£2.7 billion annually by 2028/29.

Remove 50% discount in first year, include foreign assets in inheritance tax.

£2.6 billion over next Parliament.

Requires demonstrating permanent home outside UK.

Majority of non-doms are foreign-born, high-income earners from Western Europe, India, and the US.

Highest in London and surrounding areas.

Supporters argue for fairness, opponents fear loss of wealthy residents.

This summary provides a concise overview of the key points surrounding non-dom status in the UK, including the current rules, proposed changes, statistics, and the ongoing debate.