Duncan Bannatyne Rachel Reeves Akshata Murty Britain Scotland show stars record Duncan Bannatyne Rachel Reeves Akshata Murty Britain Scotland

Dragons' Den star Duncan Bannatyne calls for controversial 'non-dom' tax status to be scrapped

Reading now: 388
dailyrecord.co.uk

Dragons' Den star Duncan Bannatyne has urged Jeremy Hunt to finally scrap the controversial non-dom tax status when the Chancellor delivers his autumn budget this week.

The Scots entrepreneur and philanthropist told the Record it would be "no loss" if some wealthy individuals chose to leave the UK as a result.Bannatyne, who was a Dragon on the hit BBC start-up show for 10 years, believes the UK Government could raise billions of pounds in revenue if non-doms were made to pay tax on their overseas earnings.Non-dom - short for non-domiciled individual - is a term used for a UK resident whose permanent home is registered as outside the country.

A non-dom only pays UK tax on money earned in Britain - but does not have to pay any tax to the UK on money made elsewhere in the world.The SNP has described the tax status as an "immoral outrage" while Labour has pledged to scrap it.The controversial status allows billionaires the chance to make significant savings if they choose a lower-tax country for their domicile.Bannatyne, who was raised in Clydebank, said: "There are 72,000 registered non-doms in the UK.

If they each save £500,000 in taxes each year that is £35 billion that could go into UK tax take."Asked if he was concerned if some wealthy individuals may simply choose to live elsewhere, he said: "Let them.

Read more on dailyrecord.co.uk
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA