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Hunt Under Pressure as Case for Abolishing Non-Dom Status Builds

Nov. 24, 2022, 4:00 AM

UK Chancellor of the Exchequer Jeremy Hunt’s decision to maintain non-domiciled tax status is becoming harder to defend amid evidence that removing it would not prompt wealthy individuals to leave the country.

At a time when the Treasury is raising taxes and slashing spending to plug a hole in the public finances, allowing an estimated 70,000 people to keep avoiding tax on their overseas earnings has drawn criticism. Economists at the London School of Economics and the University of Warwick have projected that abolishing the exemption would bring in as much as £3.2 billion ($3.9 billion) in tax revenues, ...