Comments on: George Osborne get’s his domicile sums wrong http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/ Richard Murphy on tax and corporate accountability Wed, 07 Jan 2009 23:38:34 +0000 http://wordpress.org/?v=2.6 By: sm http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-202376 sm Fri, 05 Oct 2007 09:09:08 +0000 http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-202376 I guess its all estimates until it is implemented and im sure it may have to be tweaked. It is a step in the direction of eliminating discrimination by domicile taxation. Its a question of the general aims behind the measure and then TRUST. I suspect the domicile rule needs to go. It seems discriminatory in a free movement of labour Europe,to give tax advantages to other European workers. Surley all residents should be assessed the same, on all worldwide income. Lets wait for the PBR and possibly a GAAR. IHT surely could be replaced by Property Tax on Death, at say a flat 1% above £250k sale value. Easy and non avoidable by planning. The tax could be heldover as a charge where the property was jointly lived in. I guess its all estimates until it is implemented and im sure it may have to be tweaked. It is a step in the direction of eliminating discrimination by domicile taxation.

Its a question of the general aims behind the measure and then TRUST. I suspect the domicile rule needs to go. It seems discriminatory in a free movement of labour Europe,to give tax advantages to other European workers.

Surley all residents should be assessed the same, on all worldwide income.

Lets wait for the PBR and possibly a GAAR.

IHT surely could be replaced by Property Tax on Death, at say a flat 1% above £250k sale value. Easy and non avoidable by planning. The tax could be heldover as a charge where the property was jointly lived in.

]]> By: Tax Research LLP http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-198531 Tax Research LLP Tue, 02 Oct 2007 13:54:08 +0000 http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-198531 Richard I agree But it would still be unethical, and I think illegal Richard Richard

I agree

But it would still be unethical, and I think illegal

Richard

]]> By: Richard Teather http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-198523 Richard Teather Tue, 02 Oct 2007 13:51:40 +0000 http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-198523 Is it just me, or is the proposed £25,000 absurdly low? The very wealthy are prepared to pay £100,000 minimum tax per year to live in Jersey. Now I know the tax systems aren't identical, but surely from a business viewpoint London with non-dom status is a more valuable residence than Jersey? I wonder if someone missed out a '0' when they typed up George's speech, and it should have been £250,000. Now that would be a far more interesting proposal. Is it just me, or is the proposed £25,000 absurdly low?

The very wealthy are prepared to pay £100,000 minimum tax per year to live in Jersey. Now I know the tax systems aren’t identical, but surely from a business viewpoint London with non-dom status is a more valuable residence than Jersey?

I wonder if someone missed out a ‘0′ when they typed up George’s speech, and it should have been £250,000. Now that would be a far more interesting proposal.

]]> By: Tax Research LLP http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-198262 Tax Research LLP Tue, 02 Oct 2007 10:32:03 +0000 http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-198262 Andrew If it is obvious I note Grant Thornton also got it seriously wrong in the Telegraph this morning and most journlaists are mighty confused by it - and I talk to a lot. Count yourself very clever Andrew Richard Andrew

If it is obvious I note Grant Thornton also got it seriously wrong in the Telegraph this morning and most journlaists are mighty confused by it - and I talk to a lot.

Count yourself very clever Andrew

Richard

]]> By: andrew http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-198240 andrew Tue, 02 Oct 2007 10:17:19 +0000 http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-198240 The Tory proposals are very very simple; not hard to understand at all. Why are you struggling with it, Richard? Is it real miscomprehension or are you deliberately being obtuse? The Tory proposals are very very simple; not hard to understand at all.

Why are you struggling with it, Richard? Is it real miscomprehension or are you deliberately being obtuse?

]]> By: Richardr http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-196932 Richardr Mon, 01 Oct 2007 12:39:40 +0000 http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-196932 The BBC report it as additional to the tax currently paid in the UK: http://www.bbc.co.uk/blogs/thereporters/robertpeston/2007/10/tories_squeeze_nondoms_1.html The BBC report it as additional to the tax currently paid in the UK:

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2007/10/tories_squeeze_nondoms_1.html

]]> By: Richard Murphy Gets One Right! http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-196875 Richard Murphy Gets One Right! Mon, 01 Oct 2007 11:26:25 +0000 http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-196875 [...] I know, it’s a bit of a shocker but this is simply quite wonderful. You see, Non-Doms don’t not pay tax at all: [...] [...] I know, it’s a bit of a shocker but this is simply quite wonderful. You see, Non-Doms don’t not pay tax at all: [...]

]]> By: alastair http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-196854 alastair Mon, 01 Oct 2007 11:15:16 +0000 http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-196854 but you still got your facts wrong - he said the idea is to charge them a flat £25K - but this is on top of any tax they already pay, as its for the benefit of non dom status but you still got your facts wrong - he said the idea is to charge them a flat £25K - but this is on top of any tax they already pay, as its for the benefit of non dom status

]]> By: roger rabbit http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-196845 roger rabbit Mon, 01 Oct 2007 11:07:25 +0000 http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-196845 Actually, Richard I heard him on Radio 4 this morning and the proposed new £25k is on offshore income only. A non-dom will continue to pay full tax on UK income, so the tax take to the country of this proposal would increase for each non-dom by the lower of 25k or what is paid by them on offshore income (I assume also capital gains although this was not clarified) no longer exempt from income tax. Actually, Richard I heard him on Radio 4 this morning and the proposed new £25k is on offshore income only.

A non-dom will continue to pay full tax on UK income, so the tax take to the country of this proposal would increase for each non-dom by the lower of 25k or what is paid by them on offshore income (I assume also capital gains although this was not clarified) no longer exempt from income tax.

]]> By: Tax Research LLP http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-196807 Tax Research LLP Mon, 01 Oct 2007 10:28:47 +0000 http://www.taxresearch.org.uk/Blog/2007/10/01/the-madness-of-george/#comment-196807 I disagree Average does nicely in this case. If the average is £26,800 plenty are paying above. They will now pay less. The overall take will, inevitably, fall as a result. The logic is sound. The data is all this is available. I disagree

Average does nicely in this case. If the average is £26,800 plenty are paying above. They will now pay less. The overall take will, inevitably, fall as a result.

The logic is sound.

The data is all this is available.

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