This is getting better by the minute

[nearlylovemyusername]

Precisely what some of us were saying before election 😂

Labour crackdown on non-doms may raise no money, officials fear | Autumn budget 2024 | The Guardian

While I didnt vote for Labour, I'd really prefer it if they were in some way competent and decent at being a government for the good of the country. They had long enough in opposition to have some ideas that might actually work and raise proper money instead of policies that are just left wing red meat (or whatever the expression is) but which will backfire on the country.

🥱

💤💤💤

What I find irritating is that literally everything they've done so far apart from WFA was predicted well before 4th July:

• that they will say "oh it's so bad we need to raise taxes which we haven't planned"
• that their so called "fully costed" manifesto doesn't work numbers wise
• that announced policies will actually cost money rather than generate tax
• that Keir really likes his freebies

We just know till they do it. I am fed up governments that will not fairly tax very wealthy people because they "might" leave. We could also adopt the US system of taxing citizens around the world. There is a reason Jeff Bezos has not legged it to Monaco.

This. Taxing non doms was going to happen whatever the election result.

The terms of taxation were different though. And it didn't spark exodus until Labour announce new version.

On a separate note - I'd encourage everyone to check how much UK based businesses are still owned by Brits residing here. It's eye opening and not in a good way.
As an example - google sale of Hargreaves Lansdown and check who are new owners.

There hasn’t been an exodus and an expert quoted doesn’t think there will be one:

“The vast majority of non-doms are actually in the UK to work, and are making very high incomes, be that as bankers, footballers or CEOs. These jobs pay a lot in the UK, more than they would get elsewhere, and so for most non-doms it isn’t financially sensible for these people to leave.”

No shit. Who in their right mind thought that non doms, who are globally mobile, would sit around and fund the rest of us? I certainly didn't - and I questioned it many times in advance of the election on this website (now namechanged).

It was a policy designed to appeal to people with the reasoning power of a 4yo child - "let's get the evil rich people to pay for everything". 4yo: "Goody".

This

I dislike focusing on this policy, though I do agree with it, as it's the rich who need to be paying more tax, not simply non-UK citizens who benefit from this law (which admittedly, if implemented, would simply make them pay the same as the equivalent UK national)

Having said that, I don't know what the right policy to tax the super rich more is - on a global scale, as has been said, these people are very mobile - but it is amongst the most important things that we need to be doing. You only need to look at the flow of wealth from the rest of society to it's upper eschalons over the last 20 years or so (which has been noted in numerous studies) and ask yourself "Well, did they earn it?" Or even better "Do they need it?". Simply accepting that this is how it has to be is to do ourselves a disservice, and really just puts us in quite a servile position. These people aren't gods - they should not be allowed to place themselves in such a lordship over the rest of humanity, which they clearly feel either contempt or else indifference for, given that many of them simply move to where they pay the minimum amount into the public purse.

Or do they - we won't know completely until we start trying policies such as these.

Well, US taxes are still significantly lower though.

Jim Ratcliffe, UK N4 on rich list, legged it to Monaco.
James Dyson, UK N5 on the same list, legged it to Singapore.

They aren't even non doms.

I have, interesting investors.

I went searching for Estée Lauder when their makeup range went down the toilet, ditto their shares. They're owned by a massive consortium.

Yep

Yes why don't we do this? Would be a good idea. British passport, then you pay British tax on income earned in the UK

I doubt they actually read the article when they had their pearls on hand to clutch.

Well, you couldn't make it up

Chancellor could be willing to alter non-dom plans, report suggests (msn.com)

The original article is on FT but I can't share token