New from Labour.... "Labour has defended its plans to end the non-domicile rule that allows some wealthy UK residents to limit the tax paid on earnings outside the country. Ed Miliband said the non-dom rules were "indefensible" and axing them would raise "hundreds of millions" in tax." http://www.bbc.co.uk/news/32213003
Like Msr Hollande in France he may have to supervise an exodus of big money spenders and job creators to calmer climes... But maybe not......... He is only posturing and has already been found out by the tories... So he will sulk for a few days, and then come up with another hare brained idea .
Another Labour own goal! Ending "Non-Dom" status will not raise "hundreds of millions" in tax as Milliband claims: the Treasury would actually lose the £8.2 Billion in tax and National Insurance contributions that Non-Doms do pay! Non-Doms are already charged an annual levy to retain that status and it has been increased incrementally during the course of this Parliament - the previous Labour administration were considerably more generous to Non-Doms!! This levy currently amounts to £30,000 if they have spent 7 of the last 9 years in the UK rising to £50,000 for those living in the UK for 12 of the last 14 years. This, together with NI paid by Non-Doms raises £8.2 Billion a year for the Treasury. George Osborne proposes a further increase to £90,000 a year for those who have spent 17 of the last 20 years in the UK.
