George Osborne just copied one of Ed Miliband's greatest ideas

The permanent non-dom tax status in Britain will be abolished, George Osborne has announced in his Budget.

Initially a Labour policy in the general election campaign, the chancellor said that from April 2017 onwards, anyone who has resided in the UK for more than 15 of the past 20 years will pay full British taxes on all worldwide income and gains:

British people should pay taxes in Britain and now they will.

Osborne acknowledged that abolishing non-dom status altogether would "probably cost the country money" but that other plans would bring in an extra £1.5billion in revenue.

During his Budget statement, the chancellor said:

"Many of these people make a considerable contribution to our public life and to tax revenues," he said. "But there are some fundamental unfairnesses ... It is not fair that people who are born in the UK to parents who are domiciled here, can later in life claim to be non-doms and live here.

"It is not fair that non-doms with residential property here in the UK can put it in an offshore company and avoid inheritance tax.

"From now on they will pay the same tax as everyone else.

"And most fundamentally, it is not fair that people live in this country for very long periods of their lives, benefit from our public services, and yet operate under different tax rules from everyone else."

Oh, Ed...

Keep reading...Show less
Please log in or register to upvote this article
The Conversation (0)