The Liberal Democrats have called on Gordon Brown to make super-rich non-domiciles pay their fair share of tax.
In a letter to the Prime Minister, Liberal Democrat Shadow Chancellor Vince Cable called on Brown to remove non-domicile status from anyone who had lived in Britain for 10 years or more.
Cable says: “Since the Liberal Democrats first raised this issue, an all-party consensus has emerged that something needs to be done to make non-doms pay their fair share.
“When I went to a Labour Party fringe at their conference last week, there was support from Labour Ministers. Even the Tories are proposing higher taxes on non-doms."
He calls Conservative MP George Osborne’s proposal this week to pay for raising the IHT threshold to £1m by taxing non-domiciles 'impractical and too optimistic in its revenue assumptions'.
He says: “A poll tax on non-doms would be prohibitive for the large number of non-domiciles of modest means, but would be a flea bite for the fat cats. The Tories' charge would probably seem to Mr Abramovich not much more than a round of drinks at half time at Stamford Bridge.
“Our proposal seeks to deal with the abuse of the system, whereby people keep their privileged tax status for many years, and indeed pass it from one generation to the next.
“What really sticks in the throat is when people become active in political life, particularly as members of the House of Lords or as advisers to ministers, who turn out to have privileged tax positions despite having lived in Britain for many years."
To comment on this story contact:
Tel: 020 7034 2679
E-mail: [email protected]
Third completed acquisition of 2018
March sales figures revealed
Three big drivers
No easy answers
Whatever the weather