A week or so ago I recommended an article on the web site of SB Consulting. Well I'll tell you I regret doing so. This is what they have to say on domicile:
Successive governments have been only too aware of the economic benefits of leaving the tax code unaltered and there are manifold consultation papers quietly collecting dust as testament to this sitting on hands. Further, any government who voluntarily changes the law to remove the non-dom tax advantages will, at best, get no thanks from the moaning minnies who will move on seamlessly to another cause against which they can direct their envy and egalitarian drivel and, at worst, will bring the UK economy to its knees in a stunning act of hubris.
This is typical of the normal unsubstantiated nonsense that comes from most in the profession, semingly driven by contempt for society, government and those people who have to work for a living and who pay tax on what they earn. That's most of us.
As a result I have one question for SB Consulting: please prove your case that domicile is of benefit. I know you can't. It's not possible. But as the daily evidence of the harm of wealth inequality, private equity abuse and ordinary people unable to live in our large cities due to rising house prices shows, things like the non-domicile rule threaten the very structure of our society. That's not hubris. That's fact. And it is the real threat to our economy, about which I acre a great deal.
So I've changed my mind about this blog. It's just another example of a profession that ignores ethics and that exists solely to promote greed amongst an elite. Who are those who pay them, no doubt.
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“move on seamlessly to another cause against which they can direct their envy and egalitarian drivel and, at worst, will bring the UK economy to its knees in a stunning act of hubris.”
In my view, the hubris and drivel here and indeed hyperbole is coming only from SB Consulting. Bring the economy to its knees? Perhaps they mean the parallel economy of jewellers and interior designers in Chelsea and Mayfair, which would be frankly of no concern to almost anyone.
Still perhaps it goes down well with the SB client base, who are about the only people likely to read it.
Clearly the organiser of this campaign has nothing better to do with his time but pursue a pointless cause based on his envy of perceived beneficial tax treatment of non-doms… I am a non-domicile working and living in this country and contributing my fair share of tax, NI, VAT etc as are 100s of thousands of my counterparts from the antipodes and from around the world. The whole reason London is the Financial Capital of the world is the fact that its manages to attract and retain the best talent from around the world as well as a huge amount of foreign investment. The Non-doms who are attracted to the UK by these beneficial tax rules are a huge asset to the UK and make a huge contribution to the City through the hard work and businesses they set up, and the London economy would not be were it is now if it was not for us!! In addition these so called Oligarchs and other billionaires who make London their home bring a huge amount of investment into the UK with their investment and business and all the people who work for them generate huge tax revenues ie Harrods, Chelsea Football Club, Acelor-Mittal etc. Remove these tax rules and you will undermine a huge tax base as London will loose out on a huge amount of Talent and foreign investment attracted to the UK in the first place by these very rules!!
Matt
Prove it, is what I say.
There is no evidence to support your case. Just anecdote.
There is clear evidence of harm.
Please come back when you can produce an argument.
Richard