Robert Brodrick‘s comments have been kindly reproduced below.
Robert Broderick, private client partner at law firm Payne Hicks Beach, thought adopting a lump sum annual tax regime to replace the current non-dom regime would show the world that the UK was serious about attracting overseas investment whilst recognising the fact that everyone (including non-doms) needed to pay their fair share.
“The main problem with the current regime is that it encourages people to leave their wealth offshore and penalises them for bringing it into the UK.
“A lump-sum tax regime where there is a meaningful tax charge (that is ideally based on the individual’s wealth and that satisfies their UK tax liabilities in relation to those assets) will enable people to bring money into the UK which will encourage inward investment in line with the Government’s stated objectives,” he added.
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