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The Clubhouse Bar
A Political Thread pt. 2
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<blockquote data-quote="Bada-Bing!" data-source="post: 1184713" data-attributes="member: 70552"><p>This is the unknown. The treasury would have provided stats to show the impact of overall of the change in the rules. But they are just forecasts. The reality is a lot of them will leave. Basically what these rules mean are that if you are rich enough you can pay an annual tax charge to not pay UK tax on your offshore income and gains (£30k if resident for 7/9 tax years; £60k if resident for 12/14 tax years). This doesn't include IHT which is the biggie for most non Dom ultra wealthy ie Rishi's wife, who conveniently came out to say she would pay income tax on dividends (39.35%) from those Infosys shares she owns (reportedly worth £700m) but stayed v. quiet on her domicile status for IHT should she die in this country within 14 years. And HMRC are currently consulting on the exact rules. As it stands the likes of Rishi's wife will just put those shares in an excluded offshore property trust before 5/4/25 (if not done so already) so it is excluded from her estate when she dies and not subject to UK IHT rate of 40%. Labour could change this if they were to get in.</p><p></p><p>Basically it was a political move by Hunt and Rishi to steal Labour's thunder on their proposal.</p></blockquote><p></p>
[QUOTE="Bada-Bing!, post: 1184713, member: 70552"] This is the unknown. The treasury would have provided stats to show the impact of overall of the change in the rules. But they are just forecasts. The reality is a lot of them will leave. Basically what these rules mean are that if you are rich enough you can pay an annual tax charge to not pay UK tax on your offshore income and gains (£30k if resident for 7/9 tax years; £60k if resident for 12/14 tax years). This doesn't include IHT which is the biggie for most non Dom ultra wealthy ie Rishi's wife, who conveniently came out to say she would pay income tax on dividends (39.35%) from those Infosys shares she owns (reportedly worth £700m) but stayed v. quiet on her domicile status for IHT should she die in this country within 14 years. And HMRC are currently consulting on the exact rules. As it stands the likes of Rishi's wife will just put those shares in an excluded offshore property trust before 5/4/25 (if not done so already) so it is excluded from her estate when she dies and not subject to UK IHT rate of 40%. Labour could change this if they were to get in. Basically it was a political move by Hunt and Rishi to steal Labour's thunder on their proposal. [/QUOTE]
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