Nadhim Zahawi, a former chancellor, has proposed a brand new Italian-style system beneath which UK non-doms would pay as much as £150,000 per 12 months.
Robert Brodrick, chairman of solicitors Payne Hicks Seashore, mentioned a flat price system that’s not contingent on the place the cash is held would encourage extra funding into Britain.
He mentioned: “I’ve all the time felt the non-dom regime is the incorrect method round. It encourages non-doms to maintain their cash outdoors the UK and it punishes them for bringing it in.
“The Italian regime, if it was carried out in an identical method right here, does the reverse. A flat quantity of tax satisfies your worldwide tax liabilities and you might be free to deliver as a lot cash in as you prefer to cowl your dwelling bills and organising companies.”
The present Italian non-dom system was launched in 2017 and attracted 1,339 candidates in 2021.
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