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11 October 2007 / Keith Johnston
Issue: 7292 / Categories: Opinion , Tax
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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

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MOVERS & SHAKERS

Walkers—Muriel Marseille

Walkers—Muriel Marseille

Ashurst's Chief Risk Officer joins Walkers

Excello Law—John Osborne

Excello Law—John Osborne

Northern family lawyer John Osborne joins Excello

mfg Solicitors—Rebecca Rogers, Kennedy Langley & Victoria Griffiths

mfg Solicitors—Rebecca Rogers, Kennedy Langley & Victoria Griffiths

Trio of promotions announced at Kidderminster law firm mfg Solicitors

NEWS
A sole director can conspire with their own company for the purposes of the tort of unlawful means conspiracy, the High Court has ruled in a judgment with potentially wide implications for business disputes
The Court of Appeal has reinforced that domicile depends on intention rather than residence alone, in a significant post-Brexit ruling on cross-border financial remedy claims
The Chancery Division's long history comes to an end this autumn as it is reborn as the Business and Property Division, prompting questions over whether the shake-up is really necessary
The Financial Conduct Authority (FCA) continues to show that failing to disclose regulatory issues can attract harsher consequences than the original misconduct itself
Rejecting a generous settlement can prove an expensive mistake, as two recent high-profile cases demonstrate
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