Non-domiciled taxpayers are paying record amounts of tax on income that they generate in the UK, according to figures obtained by the law firm Pinsent Masons. The amount of income tax paid by non-domiciled taxpayers rose to £6.8bn in 2011/12, up from £5.7bn in 2008/09, representing a 19% increase. Only 2.6% or £178m consisted of the annual levy on non-domiciled individuals that have been in the UK for seven years or longer and that choose to pay taxes on the remittance basis.
Jason Collins, partner at Pinsent Masons, said: ‘Non-domiciled individuals have huge spending power, invest in UK businesses and create thousands of jobs in the UK. They can’t do this if they aren’t here, so the Treasury needs to be careful that it doesn’t kill the golden goose by overtaxing it.’
Non-domiciled taxpayers are paying record amounts of tax on income that they generate in the UK, according to figures obtained by the law firm Pinsent Masons. The amount of income tax paid by non-domiciled taxpayers rose to £6.8bn in 2011/12, up from £5.7bn in 2008/09, representing a 19% increase. Only 2.6% or £178m consisted of the annual levy on non-domiciled individuals that have been in the UK for seven years or longer and that choose to pay taxes on the remittance basis.
Jason Collins, partner at Pinsent Masons, said: ‘Non-domiciled individuals have huge spending power, invest in UK businesses and create thousands of jobs in the UK. They can’t do this if they aren’t here, so the Treasury needs to be careful that it doesn’t kill the golden goose by overtaxing it.’
90a1d87b-c1b5-43c3-a720-cd324830adee.tmb-editorspic.jpg?sfvrsn=1b2d0a7e_1)
