Let the lube ready - gordon's getting fruity

[BoredBloke]

I thought that the super rich in the UK were only taxed on what they brought into the country. So if you only bring in a small percentage of a vast fortune, you are only taxed on that small percentage.

Could be wrong though

[King Cnvt]

Don't be a cnvt. Everyone is taxed on their world-wide income by the country where they are tax resident.

Can't help being a cnvt, that's my name innit?

I believe you are wrong and that's why so many rich foreigners are now living in the UK.

If you are resident here but non-domiciled (you is from elsewhere), then you only pay tax on your income and wealth held onshore here.

All your earnings abroad are not taxable in the UK as long as you don't bring the money here.

However if you are a poor sod who is domiciled here (you was born here), you pay tax on all your income and wealth, whether it is onshore or offshore.

Not exactly fair is it?

[Euro-commuter]

Can't help being a cnvt, that's my name innit?

I believe you are wrong and that's why so many rich foreigners are now living in the UK.

If you are resident here but non-domiciled (you is from elsewhere), then you only pay tax on your income and wealth held onshore here.

All your earnings abroad are not taxable in the UK as long as you don't bring the money here.

However if you are a poor sod who is domiciled here (you was born here), you pay tax on all your income and wealth, whether it is onshore or offshore.

Not exactly fair is it?

It's fair: if you are domiciled here then you pay tax here on all your income. If you are domiciled somewhere else, you pay tax there on all your income.

[DimPrawn]

It's fair: if you are domiciled here then you pay tax here on all your income. If you are domiciled somewhere else, you pay tax there on all your income.

Not all countries have the same complex domicile / residency status we have here and also have much (or even zero) tax rates.

So it is not fair. If you are born here you pay top tax rates on all your wealth (even if it generated elsewhere). If you are born in Russia or the like, you can keep your millions/billions in tax havens and pay little or no tax and UK government don't chase you with the lube.

[MrsGoof]

I thought this was about Gordon batting for the other side, you did know that he did, didn't you?

[wendigo100]

I thought this was about Gordon batting for the other side, you did know that he did, didn't you?

I'd heard rumours ... is it true then?

[Ruprect]

Not all countries have the same complex domicile / residency status we have here and also have much (or even zero) tax rates.

So it is not fair. If you are born here you pay top tax rates on all your wealth (even if it generated elsewhere). If you are born in Russia or the like, you can keep your millions/billions in tax havens and pay little or no tax and UK government don't chase you with the lube.

I think you have to buy the lube yourself. Only tax deductible for very specialist industries though.

[Sysman]

I thought this was about Gordon batting for the other side, you did know that he did, didn't you?

What? India?

[Hart-floot]

Here's one for you.

Why is it okay for someone non-domiciled in the UK (born abroad) to come here and not be taxed on their world wide income, but some poor fecker born here to be taxed on their world wide income?

It isn't okay

A few years back there were only a few thousand "non-dom residents" in UK so it didn't really matter but now it must be in the hundreds of thousands in London alone. I know i work with them in the City.

Over half of all property bought in London boroughs of Westminster & KC are bought by non-residents and increasingly in other areas too. Little wonder that there is a property bubble right now with the indigenous population being priced out of the London market.