Approximately 83,000 taxpayers claimed non-domiciled status in the UK for the tax year ending April 2024. These non-doms contributed around £12.5bn to the UK government's revenue through income tax, National Insurance Contributions, and Capital Gains Tax. Concerns are raised that changes to tax policy could lead non-doms to leave, which could necessitate an increase in income tax for regular taxpayers to recover lost revenue. Non-doms also provide economic benefits through their spending and corporate tax contributions.
The Government's recently published statistics for the 2023/24 UK tax year show that approximately 83,000 taxpayers claimed 'non-domiciled' status for the year ended 5 April 2024.
These individuals contributed almost £12.5bn to HM Treasury via income tax, National Insurance Contributions (NIC) and Capital Gains Tax (CGT) in the year.
The government is being warned that the tax changes could drive away non-doms and they could keep 'their foreign income and gains outside the UK.'
Salter admits there was 'certainly some flaws' to the non-dom regime, but the government is risking further wealthy individuals fleeing the UK.
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