What Labour’s tax proposals could mean
Judith Millar Partner
At the recent party conference, Labour Party opposition proposed a new, more ‘fair’ tax system as well as highlighting its desire to get rid of the resident non-domiciled regime.
With the prospect of a 2024 general election looming, partner Judith Millar examines what a Labour government could have in store for high-net-worth individuals in an article for Wealth Briefing.
‘There is little doubt about the Labour view of non-doms: that the Conservatives have allowed “the wealthiest to avoid taxes, keeping loopholes open” and their intention – if the non-dom tax status is abolished – is for the extra tax generated to be channelled into the NHS.
In truth, non-doms already make a substantial contribution to the UK economy. 2022 figures from HMRC estimated that there were 78,000 individuals falling into the non-dom categories who added (by way of income tax, CGT and National Insurance contributions) a total of at least £12.4 billion ($15.1 billion) to tax revenues. (1) But this excludes their overseas income and gains, and assets located outside the UK which are also protected against inheritance tax.’
To read the full article, please visit the Wealth Briefing website.
If you would like advice on any issues raised in this article, please reach out to our International and Private Wealth team.
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