UK prediction seems fair to me....lol. Not sure on Germany however. Maybe a load of insolvency lawyers in Germany will all become millionaires overnight the way the economy is going 🙁
‘Petrified’ non-doms poised to flee UK over Labour’s tax plans
- Thread starter Sols
- Start date
- Status
Lobby group urges Rachel Reeves to rethink non-dom tax hike to prevent exodus of wealthy residents
https://bmmagazine.co.uk/in-busines...-hike-to-prevent-exodus-of-wealthy-residents/
----- quote start
The lobby group, which formed in June and has already met with Treasury officials, is proposing an alternative tiered tax system. This would see non-doms paying a fixed annual sum, scaled to their wealth, for a period of 15 years. Under the plan, someone with up to £100 million in personal wealth would pay an annual charge of £200,000, with those worth more than £500 million contributing £2 million annually. Currently, non-doms pay up to £60,000 a year.
Leslie MacLeod-Miller, a spokesperson for Foreign Investors︀ for Britain, said: “We’re pleased the government is listening because this is a real issue.︁ Britain is turning into a departure lounge, and without changes, we risk losing valuable investment︂ and tax revenue.”
---- quote end
So basically copying Italy, but worse?
You'll still need to declare all your assets for them to assess them. I mean you had to do it with non-dom, but you didn't need to disclose valuations of non-liquid assets.
You'll still need to declare all your assets for them to assess them. I mean you had to do it with non-dom, but you didn't need to disclose valuations of non-liquid assets.
Their automotive sector will also suffer greatly from China's retaliations as the EU announced 35% custom tariffs on Chinese EVs. Germany was the only country with Slovenia (or Slovakia can't recall) to oppose EU tariffs on China lol
Premier League: Non-dom tax changes could be ‘own goal’ for No11
https://www.msn.com/en-us/money/sav...hanges-could-be-own-goal-for-no11/ar-AA1sIWPc
I don't know about this ns2. I can't see the average young footballer playing in the premier league having any money management awareness. I don't think they will care too much about the changes unless they have very good financial advisors.
Sigh of relief in my home last night.
We're covered (been outside of the UK more than 10yrs+)
Kids will just have to study elsewhere if they wanted to go to Cambridge or Oxford that's now off the table so they get their 500k a year tax free allowance.
Aside from that was jiggling along into the marina this morning and then hit with double berthing fees, so brought back to reality but not such a hard amount to stomach.
My UK future inheritance (and my kids) i've basically privately written off and said best to not name us, and give to siblings etc.
We're covered (been outside of the UK more than 10yrs+)
Kids will just have to study elsewhere if they wanted to go to Cambridge or Oxford that's now off the table so they get their 500k a year tax free allowance.
Aside from that was jiggling along into the marina this morning and then hit with double berthing fees, so brought back to reality but not such a hard amount to stomach.
My UK future inheritance (and my kids) i've basically privately written off and said best to not name us, and give to siblings etc.
But for the Brits stuck or have only left in the past 10 yrs, they are fucked, well and truly, as for farmers or land holders (my family are) they will basically loose most of those assets to the state as the 20% tax is on a fixed asset that doesn't produce such a year or over its time basically you become a maintenance crew for lousy income and lousy work life balance but it is a responsibility.
In my families case over 500 yrs history and a Royal Charter from King George III about to end, our watch is over i guess (RiP), fitting︀ actually father is retirement age, grandfather was still involved into his late 90's, i am︁ not interested due to tax on wealth generated overseas so it's basically a excuse to︂ hand it to the state in my family - consensus.
In my families case over 500 yrs history and a Royal Charter from King George III about to end, our watch is over i guess (RiP), fitting︀ actually father is retirement age, grandfather was still involved into his late 90's, i am︁ not interested due to tax on wealth generated overseas so it's basically a excuse to︂ hand it to the state in my family - consensus.
Vast majority of people you come into contact with are not earning the so-called 36k a year anyway...
Most earning early 20s
Most earning early 20s
Its the same assumption we had a couple of Years ago, a friend counter signed for the passports, we got all the way to the capital to file for them for the kids, and as we were about to walk in, i said, there's no going back once they are aware they exist, the wife thought about for about 10 seconds having spoken to her friends in the UK, and Europe in general over the prior months, and said, no, i am not doing that to them, thus our kids don't have UK Passports, they have citizenship by being born but that data isn't shared︀ and i have zero interest in chaining them to that decline.
Once the news broke︁ yesterday, she remarked, well if they MUST go to the UK for a minor education︂ aspect then use one of their other citizenships.
Only remaining issue is my grandchildren by︃ default are not British, so for that they HAVE to give birth in the UK︄ but thats easy enough to achieve with cross-channel train/ferries in 20-30 yrs and private hospitals.︅
By then the UK SHOULD start to turn around but for the next 15 yrs︆ its terminal due to the refinance cycle of the debt and the demographics of the︇ country.
Once the news broke︁ yesterday, she remarked, well if they MUST go to the UK for a minor education︂ aspect then use one of their other citizenships.
Only remaining issue is my grandchildren by︃ default are not British, so for that they HAVE to give birth in the UK︄ but thats easy enough to achieve with cross-channel train/ferries in 20-30 yrs and private hospitals.︅
By then the UK SHOULD start to turn around but for the next 15 yrs︆ its terminal due to the refinance cycle of the debt and the demographics of the︇ country.
One irk i had was just the blatant lies.
They remarked the economy should grow by 1% (.something)
They are refinancing the debt which adds 8-10% on-top of the debt.
It's like idiots leading idiots...
They remarked the economy should grow by 1% (.something)
They are refinancing the debt which adds 8-10% on-top of the debt.
It's like idiots leading idiots...
Reforming the taxation of non-UK domiciled individuals
https://www.gov.uk/government/publications/reforming-the-taxation-of-non-uk-domiciled-individualsOk I read the full non-dom reform changes and I would personally just leave the UK right now if I was a non-dom sill resident. There is no allowance for existing non-doms to shelter assets in a trust before transitioning and you are fully exposed IHT. The concept of non-dom for taxation purposes is basically dead. If you remain in the UK beyond 6 April 2025 your basically indicating your ok with 40% IHT if the worst happens to you on 6 April 2025 onwards and also world wide taxation.
The new 4 year scheme that replaces︀ it is also a joke. You need to designate in a Self Assessment each year︁ the assets your claiming tax relief on. If you missed an asset and failed to︂ declare it you are not entitled to any tax relief and must pay full income︃ or CGT tax on that asset. So you would need to keep detailed records if︄ your offshore income streams and affairs are complex in order to benefit from the new︅ replacement and also declare them in a Self Assessment tax return.
--- quote start
24. A claim for the 4-year FIG regime will be treated as a claim to relief︆ for tax purposes and will need to be made in a Self-Assessment tax return. A︇ claim will need to be made before 31 January in the second tax year after︈ the relevant year to which the claim relates. For example, a claim for the 4-year︉ FIG regime for the 2025 to 2026 tax year will need to be made on︊ or before 31 January 2028.
25. To claim the 4-year FIG regime, individuals will need︋ to quantify the amount of income and gains for which relief is being claimed under︌ the regime. If amounts of FIG are not quantified and included in the return, then︍ individuals will remain chargeable and subject to tax at their usual rates.
---quote end
P.S Run and don't look back.
That exactly what we did last year. Submitting my tax form for 2023/2024 with "no resident" remark felt like a breath of fresh air.
You have to submit a tax form?
Haven't done one of those for the UK since well.. can't remember when - decade +
Haven't done one of those for the UK since well.. can't remember when - decade +
We rented out our properties to have a simple and universal source of income for any other jurisdiction, it makes my life so much easier. So yes, local income = tax form.
- Status