10 signatures reached
To: Jeremy Hunt, Rishi Sunak
Abolish Non-Dom Status in the UK
There are a number if non-domiciled *residents* in the UK (‘non-doms’) who receive income outside of the UK that they do not need to report to HMRC. It's not uncommon in other countries to tax oversees income and we should be doing this too.
The magic money might not exist but there is income that should be taxed and can help the crumbling public services in the UK.
Why is this important?
The LSE has researched that "non-domiciled residents in the UK (‘non-doms’) receive at least £10.9 billion in offshore income and capital gains each year, which they are not required to report to HMRC or pay tax on in the UK. Taxing this income would raise more than £3.2 billion in additional tax revenue each year and also remove the current disincentive to invest in the UK."
The magic money might not exist but there is income that should be taxed and can help the crumbling public services in the UK.
