'Non-Doms' System Abolished

Chancellor of the Exchequer Jeremy Hunt on 'non doms': "Next I turn to the taxes paid by those who are resident in the UK but not domiciled here for tax purposes ... the Government will abolish the current tax system for non-doms, get rid of the outdated concept of domicile and the remittance basis in the tax system, and replace it with a modern, simpler and fairer residency-based system."

• Hunt: "new arrivals to the UK will not be required to pay any tax on foreign income and gains for their first four years of UK residency, a more generous regime than at present and one of the most attractive offers in Europe. But after four years, those who continue to live in the UK will pay the same tax as other UK residents."
• Hunt: "Overall abolishing non-dom status will raise £2.7 bn a year by the end of the forecast period,"
• This measure has been a feature of opposition Labour party manifestos for some years and could lead the gov't open to charges of adopting policies from oppositon parties. The measure is viewed as widely popular among all sections of the electorate.