CIOT/IFS online debate: How should non-doms be taxed?
A replay of the online debate held on Wednesday 29 November 2023
How should non-doms be taxed?
Non-doms are entitled to claim the ‘remittance basis’ of taxation. In short, this means that any income from assets held abroad is only taxed in the UK if it is remitted to the UK. Foreign assets are exempt from UK inheritance tax. The Labour Party has stated its intention to ‘abolish non-dom tax status’ and introduce a shorter-term scheme for temporary residents.
- What are the problems with how non-doms are currently taxed?
- Should the current regime be scrapped and, if so, what should replace it?
- When and how should the foreign income of people who are temporarily in the UK be taxed?
- Does the UK need tax benefits for new arrivals to be competitive with other countries?
Chaired by Helen Miller, Deputy Director at the Institute For Fiscal Studies
Arun Advani, Associate Professor, University of Warwick
Emma Chamberlain, Barrister, Pump Court Tax Chambers and Joint Chair of CIOT’s Private Client (International) Committee
Nimesh Shah, CEO, Blick Rothenberg
Jane Page, Tax Advisor, Kirk Rice; formally HM Treasury Policy Advisor