Labour’s non-dom plan divides accountants

The lovely wibbly wobbly old lady

Reposted from Accounting Web

Ed Miliband’s plan to scrap non-dom tax status if he becomes 10 Downing Street’s newest tenant, has raised a few eyebrows on AccountingWEB.

Milband said this week that a Labour government would abolish the non-domicile rule that allows some UK residents to limit tax paid on earnings outside the country.

Instead, it said it would give non-doms already living in Britain a two-year transition period to “get their affairs in order”. Non-doms will have to pay tax on all their earnings after around two or three years.

Non-dom tax status originated in the 18th Century and has been characterised by its critics as a vestige of Colonial era inequity and a symbol of tax avoidance.

AccountingWEB’s members are not all convinced by Miliband’s plan, however.

Commenting on an earlier article, one accountant said they felt scrapping the non-dom status is a slippery slope.

“I don’t deny…

View original post 350 more words

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