U.K. Finance Minister Jeremy Hunt will announce his Spring Budget on Wednesday, the final fiscal even before what promises to be a challenging general election.
Former British finance minister Philip Hammond said it would be a mistake not to have a system in place that encourages so-called 'non-doms' to reside in the U.K. Non-domiciled tax status allows people who are based, but not settled, in the country to only pay U.K. tax on money made in the country. As part of the Spring Budget statement, U.K. Finance Minister Jeremy Hunt said on Wednesday that this would be scrapped and replaced with a new system.
'If we said for example to people that they have to pay tax on their worldwide assets if they come and spend time in the U.K. I think that would probably be detrimental to the U.K. economy in the long term.' Hammond said the integrity of the policy would now depend on the details of Hunt's new plan. Hammond was broadly positive about the statement, saying it was 'a careful and thoughtful budget from a careful and thoughtful Chancellor.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chile wants 3 or 4 new lithium projects running in 2026, finance minister saysNo 1 source of global mining news and opinion
Read more »
Cash-strapped Britain cuts taxes for workers as election loomsUK finance minister Jeremy Hunt announced a tax cut for workers Wednesday as he unveiled what is likely to be the government’s last budget before a general election later this year.
Read more »
Montgomery Motor Speedway holding 60th annual ‘Hunt for the Bear’ Alabama 200 this weekendThe Alabama 200 is a race that has seen some of the biggest names in motorsports take home a victory. Richard Petty, Chase Elliott, Bobby Allison, and Red Farmer, just to name a few.
Read more »
Teen hospitalized in drive-by shooting, police on hunt for three suspectsSAN ANTONIO -According to the San Antonio Police Department, the incident happened around 9:30 p.m. Wednesday near the 1800 block of Bandera Road at Aspire Apa
Read more »
José Garza pushes aside Jeremy Sylestine in Democratic primary for Travis County district attorneyThe Democratic primary race between Garza and Sylestine got messy ahead of Election Day.
Read more »
Enterprise wrestlers Kameron Stiffler, Grier Hunt advance to state championship matchesAll year long, the goal for Kameron Stiffler and Grier Hunt has been one more postseason win than last year.
Read more »