Britain loses non-doms to Italy as Hunt plots tax crackdown

Tim Wallace states that as Italy enjoys a ‘flood’ of wealthy foreigners after ‘taking best parts’ of UK tax regime, Jeremy Hunt is considering scrapping the non-dom tax benefit. Robert Brodrick said that a flat fee system that is not contingent on where the money is held, would encourage more investment into Britain. Robert comments, “I’ve always felt the non-dom regime is the wrong way around. It encourages non-doms to keep their money outside the UK and it punishes them for bringing it in. The Italian regime, if it was implemented in a similar way here, does the reverse. A flat amount of tax satisfies your worldwide tax liabilities and you are free to bring as much money in as you like to cover your living expenses and setting up businesses.”