Tax revenue from non-doms on the rise

Tax revenue from non-doms on the riseNew figures show the amount of tax revenue from overseas people living in Britain has increased by six per cent.

Treasury data shows that 6,000 of the richest non-domestic residents paid £178 million – the largest amount since 2006, according to the Financial Times.

The rise could be due to the UK’s continuing role as a major destination for wealthy investors and reflects the growth in spending by overseas buyers on luxury property in the capital.

However, it is unclear if planned changes to the tax system could hit income from this sector and lesson Britain’s revenue.

Jenny Tozer, chair of the investment committee at Vestra Wealth, explained proposals to scale back tax benefits still make the UK more favourable than other nations.

“During the financial crisis France, Italy and Spain ramped up taxes on foreigners who own property, which has only increased the appeal of the UK,” Ms Tozer told the newspaper.

The Institute for Fiscal Studies (IFS) recently called on the government to look at ways of reforming the tax system to remove over-reliance on income from a small number of high earners because of concerns about long-term financial stability.

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