Foreigners known as nondomiciled residents, or "nondoms," live and work in the U.K. and only pay tax on their U.K. income. ❋ Paul Hodkinson, David Rothnie (2008)
They consist mainly of specific tax changes that Mr. Darling announced in mid-March together with his budget plans, but also include plans to increase revenue by changing the tax regime for foreigners who live in the U.K. but claim their true home is elsewhere -- so called nondomiciled foreigners. ❋ Unknown (2008)
A flat tax of 10% on "nondomiciled" residents -- foreigners who plan to leave the country in a few years and generate most of their income outside Italy -- could also be used to counterbalance the expected losses in revenue by attracting new, wealthy taxpayers. ❋ Alberto Mingardi (2008)
The government finally agreed to modify this new tax on "nondomiciled" residents. ❋ Unknown (2008)
Importantly, it also meant that foreigners who could claim "nondomiciled" status paid little or no taxes at all. ❋ Unknown (2008)
The Conservative leader's pledge was seen as an attempt to stamp out claims that the Tories rely on supporters who are "nondomiciled" for tax purposes. ❋ Unknown (2010)
The tax increase comes a year after the U.K. introduced new rules for resident, nondomiciled individuals, giving them the option after seven years of residency to either pay local taxes on their earnings outside the U.K., or to pay a lump sum of £30,000 per year. ❋ Unknown (2009)
The exodus bears comparison with the crisis in the U.K. over taxing nondomiciled residents, who comprise a large proportion of the country's financial-services community. ❋ Unknown (2008)
Nor was there a reprieve for nondomiciled residents. ❋ Unknown (2008)
Some 3,000 nondomiciled institutional investment firms now actively trade securities on Russian markets, accounting for 36% of trading volumes on the Micex stock exchange. ❋ Alexander Potemkin (2008)
For one, beginning next month, the government will impose a £30,000 annual levy on foreign nationals who have resided in the U.K. for more than seven of the last nine years but claim that their true home is outside the U.K. -- a status known as nondomiciled. ❋ Unknown (2008)
The rules would require nondomiciled residents who want to avoid tax on overseas earnings to pay a £30,000, or roughly $60,000, levy. ❋ Unknown (2008)
The London Investment Banking Association said 40% of staff at U. K.-based investment banks were nondomiciled residents. ❋ Paul Hodkinson, David Rothnie (2008)
Criticism of 'Nondom' Tax Hedge funds, private-equity firms, investment banks and the trade bodies representing them have stepped up their campaign to persuade British Chancellor Alistair Darling to rethink plans to levy tax on nondomiciled residents amid research detailing potential damage to the City of London. ❋ Paul Hodkinson, David Rothnie (2008)
When Britain's government introduced a tax in April for wealthy foreigners working in the U.K., proposing a £30,000 levy on nondomiciled residents in exchange for their not paying taxes on earnings outside the U.K., lawyers, bankers and politicians forecast an exodus of wealthy foreigners to the likes of Luxembourg, Monaco and Switzerland. ❋ Unknown (2008)
He warned U.K. nondomiciled legislation will lead to a similar talent drain. ❋ Paul Hodkinson, David Rothnie (2008)
The government has proposed to charge nondomiciled residents who have lived in the U.K. for more than seven years a flat-rate tax of £30,000, or nearly $60,000, a year and is also tightening its rule on offshore trusts. ❋ Paul Hodkinson, David Rothnie (2008)
Financial News found that at London's 10 largest private-equity firms, about a third of senior staff may qualify as nondomiciled residents because they don't have British nationality. ❋ Paul Hodkinson, David Rothnie (2008)
Analysis of returns to the official U.K. register of limited companies by the U. K.'s 10 largest independent hedge-fund groups shows that about a third of their directors are potentially nondomiciled residents. ❋ Paul Hodkinson, David Rothnie (2008)
