header-logo header-logo

11 October 2007 / Keith Johnston
Issue: 7292 / Categories: Opinion , Tax
printer mail-detail

Fair game?

Keith Johnston flushes out the politics on IHT
and non-doms

At the start of the month George Osborne appeared to pull off a masterstroke. The shadow chancellor announced, if elected, he would lift inheritance tax (IHT) thresholds to £1m and abolish stamp duty for first-time buyers in homes worth up to £250,000. To do this he wants to charge non-domiciled individuals (non-doms) £25,000 and he said the move would raise £3bn.

Advisers to non-doms in the City were stunned, but muted by the size of the levy. After all, a £25,000 charge was unlikely to be enough to scare people away. The non-domicile policy works, they claim, and London has been phenomenally successful at attracting wealthy foreigners. Research by the Society of Trust and Estate Practitioners (STEP) suggested that non-doms were highly mobile. Yet the media loved the idea of taxing foreigners to save on IHT, as did the man in the street, with Labour strategists claiming this accounted for much of the 8% swing back to the Conservatives.

But Osborne is not chancellor and

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Flint Bishop—Charlotte Harris

Flint Bishop—Charlotte Harris

Sheffield expansion continues with appointment of commercial property partner

Browne Jacobson—Paul Duggan

Browne Jacobson—Paul Duggan

Browne Jacobson strengthens banking and finance practice with latest partner appointment Paul Duggan

Ward Hadaway—Chris Piggott

Ward Hadaway—Chris Piggott

Employment partner joins Ward Hadaway

NEWS
The Law Society RFC Festival of Sport returns next month, bringing together legal and financial services professionals for one of the sector’s largest annual sporting events
Legal aid deserts leave almost one in four without adequate access to justice
The Solicitors Regulation Authority (SRA) has warned solicitors and law firms that using artificial intelligence does not alter their professional obligations, amid concerns over inaccurate legal material and client confidentiality
From forgotten interest claims to case-management appeals, a string of procedural developments offers useful—and occasionally cautionary—lessons for practitioners

Jonathan Fisher KC highlights that it now accounts for around 40% of criminal offences, with roughly 70% involving technology, and argues that the UK cannot simply prosecute its way out of the problem. Detection, investigation and prosecution all require improvement, while different fraud types demand tailored responses.

back-to-top-scroll