The Future’s Blue!
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- Joined
- 17 Dec 2019
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Can we trust in anything they say or do?
After this 'non dom' loophole has been highlighted I assume that this lot will work to close it immediately? Ha ha ha.
And then, like every Tory MP called to breakfast interviews to defend liars and cheats, finding by noon they've been defending the indefensible.was unsurprised to learn that this loophole isn’t available in almost any other comparable country. Think Portugal and Malta might be the others (could be wrong).
hopefully Tory incompetence and arrogance will cost them in the next GE. Not holding my breath tho. When you’ve got people springing to Sunak’s defence over something that is clearly wrong just because he’s a Tory, you realise how fucked we are.
Ok, slightly different topic but I get where you are going now. I’d go slightly further, his wife is retaining non dom status - implying she plans to return to India full time. He is setting tax laws that will last long after he has [likely] left the UK. Now I’ve not seen anything he has done that would imply he doesn’t give a shit but it raises uncomfortable questions and does make his position awkward.
Of course she pays tax in India - she may do so efficiently but that sounds like a problem for the Indian government and its citizens. But… you lived tax free in the US as a foreign national? Not a criticism, good on you, but you used tax rules to your personal benefit yet are now pissed about someone else potentially doing the same? Pot kettle and all that.
Anyways they obviously got wise to that as was different when I lived in US and had to pay taxes from day 1, only choice I had (IIRC) was to pay resident state taxes monthly or yearly and you had self declared discounts such as mortgage. As I earned in one state and lived in another I think earning state and federal tax were deducted at source.
They won’t have to jump through the same hoops as you I suspect. It’s not a tax break in this specific case exactly, but maybe the answer to non dom is - after a specific period - you pay the greatest tax on where you live or where you earn it - there is an inherent fairness in that. So specifically on dividends - India is 15%, UK is (for her) 39.35%. She would pay 15% to Indian treasury and remaining 24.35% to UK in return she is freely allowed to bring the money in to the UK. She absolutely shouldn’t pay best part of 55% in tax, that’s unfair.
Hope you managed to get on your masters course mate.