George Osborne has begun to talk tax. On domicile Bloomberg report that he is proposing a flat levy of £25,000 pounds ($51,000) on non- domiciled residents who currently avoid tax. They quote him as saying:
You can either register for this levy, or you can take your tax affairs elsewhere
The income would help fund tax cuts for families and home buyers and to put a limit on inheritance tax
I've got news for George Osborne. The average tax paid by a non-domiciled person now is £26,800, based on Treasury data. So far from funding Inheritance Tax he's actually planning a tax give-away.
That's the madness of shadow-Chancellor George.
Talk about an own goal.
PS: An update 13.20. I relied on the news / internet reports on this issue. I've now heard the Radio 4 interview this morning. Those who have said I got this wrong are right, in part. But, the numbers still do not stack. In fact, it's worse than I thought. I explain why here.