The Labour party’s manifesto promise to abolish ‘non-dom’ status for long-standing visitors to the UK will severely impact the government’s tax receipts, according to senior private client lawyers.
More than 80% of lawyers polled by Legal Week believe Labour’s pledge to scrap the rule that allows some UK residents to limit the tax they pay on earnings outside the country would reduce overall contributions to HMRC. Of the 40 respondents to Legal Week‘s survey, 50% say tax receipts would decrease ‘a lot’, while 33% think they would fall ‘a little’. A handful of respondents believe the move would have no overall impact, while 10% think there would be a small benefit to the country’s coffers.
