The Chancellor is considering watering down pledges to scrap non-dom tax status and abolishing a 'loophole' for private equity bosses
The Chancellor is considering watering down pledges to scrap non-dom tax status and abolishing a 'loophole' for private equity bosseson abolishing non-dom tax status and scrapping a “loophole” which allows private equity chiefs to avoid income tax on their earnings.
The Labour manifesto included a pledge to “abolish non-dom status once and for all” – meaning that long-term UK residents cannot shield their foreign assets from taxation here. The Government has committed to delivering on both policies in the Budget on 30 October. But the details are still being ironed out amid warnings that they could prove counterproductive.
Government insiders have said that the total amount of revenue likely to be raised by the tax changes will be laid out by the Office for Budget Responsibility , rather than committing to the manifesto costings.
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