Non-dom was a special tax regime whereby for 15 years they didnt look at your income from abroad provided it stayed abroad. It costs 30k from year 7 to stay in this regime.
This was great for people who just want to come to the UK to work say in finance for a few years but don't want to move their inheritance regime or finances from other countries. It was much fairer than most people make it out to be since most other countries dropped the double taxation agreement if you opted for this, therefore you would also pay tax in your origin country.
Actually this is very ignorant. I was one of these, left April 3rd.
- These people contribute a lot, they employ people, start businesses, spend a lot... Most of them don't even use the NHS. All things that stimulate and contribute the economy tremendously.
- In my case my nestegg was going to be taxed a lot more since it was optimised for tax somewhere else, moving it is complicated and risked UK inheritance tax which is handled better/more fairly in my country of origin and could have been a huge burden on my siblings and family business
- Tax is a delicate balance, quality of life is not that high in the UK, it was just a good place to do business
- If I am going to be taxed too much I would much rather not work and live in Italy, Portugal, Spain or Switzerland
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This was great for people who just want to come to the UK to work say in finance for a few years but don't want to move their inheritance regime or finances from other countries. It was much fairer than most people make it out to be since most other countries dropped the double taxation agreement if you opted for this, therefore you would also pay tax in your origin country.