Budget small print gives some ground on non-doms

In his maiden Budget speech, Chancellor Alistair Darling said non-doms made a “central contribution” to Britain’s growth and prosperity, but it was “right and fair” that they pay a “reasonable charge” to continue to enjoy the remittance basis of taxation on their foreign-sourced income and gains. Adding that the UK would not seek to tax unremitted income and gains, Darling went on to say that once the proposed changes were brought in, there would be no further changes in this parliament or the next (which last comment brought jeers from the Opposition benches). Mark Summers, private client...