Offshore earning levy prompts non-dom exodus

According to HM Revenue & Customs, the number of UK residents escaping capital gains and income tax held in offshore bank accounts declined from 139,000 the year before to 123,000. The drop comes after the launch of the £30,000 remittance basis charge in 2008, reports the Telegraph. The 11.5% decline marks the first fall for five years and comes as the coalition government reviews the status of non-doms. Approximately 5,400 people paid the non-dom levy for the 2008/9 tax year. Read more