logo
#

Latest news with #RichList

Fewer people claimed non-dom tax status in UK ahead of Government crackdown
Fewer people claimed non-dom tax status in UK ahead of Government crackdown

Rhyl Journal

time11 hours ago

  • Business
  • Rhyl Journal

Fewer people claimed non-dom tax status in UK ahead of Government crackdown

There were about 73,700 people claiming non-domiciled tax status in the year ending in April last year, according to estimates from HM Revenue & Customs (HMRC). This was 400 fewer than the 2022-23 tax year, or a dip of about 0.5%. The number of non-doms, according to self-assessment tax returns, stood 3,900 below that in the tax year ending 2020. It indicates a slowdown in the number of people claiming the tax status following a post-pandemic resurgence. Non-domiciled means UK residents whose permanent home, or their 'domicile' for tax purposes, is outside the UK. The regime meant that so-called non-doms paid tax in the UK only on income generated in the UK – meaning any income earned overseas was exempt from British taxation. However, the Labour Government abolished the non-dom tax status in April following backlash that wealthy residents could enjoy the benefits of living in the UK without paying as much tax. Previous chancellor Jeremy Hunt estimated that scrapping the regime would raise about £2.7 billion for the Treasury by 2028-29. Recent data showed the UK saw the biggest fall in billionaires on record amid the Government non-dom clampdown. The Sunday Times Rich List said there were fewer of the world's 'super rich' coming to live in Britain. HMRC's data published on Thursday showed that some £9 billion was raised from non-doms paying income tax, capital gains tax and national insurance last year. This was a £107 million increase on the prior year, despite the dip in the number of individuals.

Fewer people claimed non-dom tax status in UK ahead of Government crackdown
Fewer people claimed non-dom tax status in UK ahead of Government crackdown

South Wales Guardian

time13 hours ago

  • Business
  • South Wales Guardian

Fewer people claimed non-dom tax status in UK ahead of Government crackdown

There were about 73,700 people claiming non-domiciled tax status in the year ending in April last year, according to estimates from HM Revenue & Customs (HMRC). This was 400 fewer than the 2022-23 tax year, or a dip of about 0.5%. The number of non-doms, according to self-assessment tax returns, stood 3,900 below that in the tax year ending 2020. It indicates a slowdown in the number of people claiming the tax status following a post-pandemic resurgence. Non-domiciled means UK residents whose permanent home, or their 'domicile' for tax purposes, is outside the UK. The regime meant that so-called non-doms paid tax in the UK only on income generated in the UK – meaning any income earned overseas was exempt from British taxation. However, the Labour Government abolished the non-dom tax status in April following backlash that wealthy residents could enjoy the benefits of living in the UK without paying as much tax. Previous chancellor Jeremy Hunt estimated that scrapping the regime would raise about £2.7 billion for the Treasury by 2028-29. Recent data showed the UK saw the biggest fall in billionaires on record amid the Government non-dom clampdown. The Sunday Times Rich List said there were fewer of the world's 'super rich' coming to live in Britain. HMRC's data published on Thursday showed that some £9 billion was raised from non-doms paying income tax, capital gains tax and national insurance last year. This was a £107 million increase on the prior year, despite the dip in the number of individuals.

Fewer people claimed non-dom tax status in UK ahead of Government crackdown
Fewer people claimed non-dom tax status in UK ahead of Government crackdown

North Wales Chronicle

time14 hours ago

  • Business
  • North Wales Chronicle

Fewer people claimed non-dom tax status in UK ahead of Government crackdown

There were about 73,700 people claiming non-domiciled tax status in the year ending in April last year, according to estimates from HM Revenue & Customs (HMRC). This was 400 fewer than the 2022-23 tax year, or a dip of about 0.5%. The number of non-doms, according to self-assessment tax returns, stood 3,900 below that in the tax year ending 2020. It indicates a slowdown in the number of people claiming the tax status following a post-pandemic resurgence. Non-domiciled means UK residents whose permanent home, or their 'domicile' for tax purposes, is outside the UK. The regime meant that so-called non-doms paid tax in the UK only on income generated in the UK – meaning any income earned overseas was exempt from British taxation. However, the Labour Government abolished the non-dom tax status in April following backlash that wealthy residents could enjoy the benefits of living in the UK without paying as much tax. Previous chancellor Jeremy Hunt estimated that scrapping the regime would raise about £2.7 billion for the Treasury by 2028-29. Recent data showed the UK saw the biggest fall in billionaires on record amid the Government non-dom clampdown. The Sunday Times Rich List said there were fewer of the world's 'super rich' coming to live in Britain. HMRC's data published on Thursday showed that some £9 billion was raised from non-doms paying income tax, capital gains tax and national insurance last year. This was a £107 million increase on the prior year, despite the dip in the number of individuals.

Fewer people claimed non-dom tax status in UK ahead of Government crackdown
Fewer people claimed non-dom tax status in UK ahead of Government crackdown

Glasgow Times

time14 hours ago

  • Business
  • Glasgow Times

Fewer people claimed non-dom tax status in UK ahead of Government crackdown

There were about 73,700 people claiming non-domiciled tax status in the year ending in April last year, according to estimates from HM Revenue & Customs (HMRC). This was 400 fewer than the 2022-23 tax year, or a dip of about 0.5%. The number of non-doms, according to self-assessment tax returns, stood 3,900 below that in the tax year ending 2020. It indicates a slowdown in the number of people claiming the tax status following a post-pandemic resurgence. Non-domiciled means UK residents whose permanent home, or their 'domicile' for tax purposes, is outside the UK. The regime meant that so-called non-doms paid tax in the UK only on income generated in the UK – meaning any income earned overseas was exempt from British taxation. However, the Labour Government abolished the non-dom tax status in April following backlash that wealthy residents could enjoy the benefits of living in the UK without paying as much tax. Previous chancellor Jeremy Hunt estimated that scrapping the regime would raise about £2.7 billion for the Treasury by 2028-29. Recent data showed the UK saw the biggest fall in billionaires on record amid the Government non-dom clampdown. The Sunday Times Rich List said there were fewer of the world's 'super rich' coming to live in Britain. HMRC's data published on Thursday showed that some £9 billion was raised from non-doms paying income tax, capital gains tax and national insurance last year. This was a £107 million increase on the prior year, despite the dip in the number of individuals.

Fewer people claimed non-dom tax status in UK ahead of Government crackdown
Fewer people claimed non-dom tax status in UK ahead of Government crackdown

South Wales Argus

time15 hours ago

  • Business
  • South Wales Argus

Fewer people claimed non-dom tax status in UK ahead of Government crackdown

There were about 73,700 people claiming non-domiciled tax status in the year ending in April last year, according to estimates from HM Revenue & Customs (HMRC). This was 400 fewer than the 2022-23 tax year, or a dip of about 0.5%. The number of non-doms, according to self-assessment tax returns, stood 3,900 below that in the tax year ending 2020. It indicates a slowdown in the number of people claiming the tax status following a post-pandemic resurgence. Non-domiciled means UK residents whose permanent home, or their 'domicile' for tax purposes, is outside the UK. The regime meant that so-called non-doms paid tax in the UK only on income generated in the UK – meaning any income earned overseas was exempt from British taxation. However, the Labour Government abolished the non-dom tax status in April following backlash that wealthy residents could enjoy the benefits of living in the UK without paying as much tax. Previous chancellor Jeremy Hunt estimated that scrapping the regime would raise about £2.7 billion for the Treasury by 2028-29. Recent data showed the UK saw the biggest fall in billionaires on record amid the Government non-dom clampdown. The Sunday Times Rich List said there were fewer of the world's 'super rich' coming to live in Britain. HMRC's data published on Thursday showed that some £9 billion was raised from non-doms paying income tax, capital gains tax and national insurance last year. This was a £107 million increase on the prior year, despite the dip in the number of individuals.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store