Super-rich UK non-doms avoiding £3.2bn in tax each year, report finds

Super-rich overseas people in the UK registered as having non-domicile status are being legally allowed to avoid paying more than £3.2bn of tax on at least £10.9bn of offshore income a year, according to a report.

by | 26 Sep, 2022

An analysis by academic economists found that 26,000 people granted non-dom tax status by HM Revenue and Customs (HMRC) collect an average of £420,000 a year in unreported overseas income and capital gains.

The researchers at the University of Warwick and the London School of Economics and Political Science (LSE) calculated that the tax these individuals save by using the “remittance basis” tax break works out at more than £125,000 a year on average.
Read more at The Guardian

More from Financial Accountant

How the UK’s rollback of banking regulations could risk another financial crisis

How the UK’s rollback of banking regulations could risk another financial crisis

Money laundering plays a key role in every part of the illegal drugs industry. Here’s how it works

Money laundering plays a key role in every part of the illegal drugs industry. Here’s how it works

‘I’ve never paid myself’: why the reality for female entrepreneurs doesn’t always match the rhetoric

‘I’ve never paid myself’: why the reality for female entrepreneurs doesn’t always match the rhetoric

Sustainability ideals are often crushed by corporate demands. Here’s how businesses can let them flourish

Sustainability ideals are often crushed by corporate demands. Here’s how businesses can let them flourish

‘I was left with nothing.’ Why apprentices are being pushed into the informal economy

‘I was left with nothing.’ Why apprentices are being pushed into the informal economy

In the struggle to get Britain working, the long shadow of austerity could be part of the problem

In the struggle to get Britain working, the long shadow of austerity could be part of the problem

Share This