George Osborne budget 2015

George Osborne’s announcement on non-dom tax status is already being cast as the equivalent of Labour’s proposition from the general election (yeah, the one that was billed as “cataclysmic” by the Tory press).

But instead of abolishing an anachronism from the colonial era, it turns out Osborne has merely tweaked it — allowing the ultra-wealthy to live in the UK for 15 years in a row and pay no tax on their total income:

“This measure removes access to non-UK domiciled tax status from longer-term residents who have been living in the UK for at least 15 out of the last 20 years.

Remember this poster?

Tory non-dom poster

With the Conservatives having scaremongered about a “talent flight” before the election it turns out that the OBR has accorded their own policy a “very high” level of uncertainty partly because “choosing to become non-UK resident” is one of the main risks.

It is even predicted to lose the country money in the first year — another plank of the pre-election Tory attack.

Budget 2015: non-dom OBR risk assessment

  1. british injustice says:

    Non dom tax status dates back to the 18th century and Britain is the only nation to broadly hold it in it’s original form. On the face of it, Osborne’s announcement is welcome although to abolish this undemocratic and archaic piece of tax law is what would best serve the vast majority of British citizens. For far too long successive governments have bowed to the needs of mega rich British and foreign national mega rich individuals, rather than those they were actually elected to serve.

    A number of people who are concerned about how our current system of politics is not working for the vast majority of it’s citizens are forming a group. The purpose of this group will be to provide a platform for those sharing these concerns to come together to discuss, debate, design and build a better, fairer, more democratic political system that will serve the needs of all it’s citizens, rather than just the richest 1%.

    Meetings will occur online as webinars and it is hoped the first meeting will take place at the end of July. Anyone sharing our concerns and wanting to join the group can send an email to [email protected] and you will be added to the list of invitees.

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