Non-dom. levy to reach £50,000 - Grant Thornton

Grant Thornton says non-domiciles will have to pay the levy, which comes into force in April next year, in addition to tax paid on remitted income. It says this means the levy will hit £50,000 if paid from funds which have already suffered at least a 40% tax charge. Peter Ashby, director at Grant Thornton, says: “If the proposals are to increase the levy for individuals who have been in the UK for 10 years or more to £50,000, this would equate to £83,333 in gross terms. “In addition, as it not a tax in the strictest sense, but a levy, the cost will not be able to be offset against othe...