The UK government has announced it will introduce a new tax on the sugary drinks industry. The idea is to tackle child obesity. Conservative governments don’t usually have much of a sweet tooth for raising taxes on anything, so they must have a pretty good reason for flirting with this sugar tax, right? That’s for you to decide, once you’ve got the facts inside you.
The Green Party have just released their manifesto for 2015. So what do you need to know?
In a nutshell: out with the old and in with the Green.
That means: Heal the planet, have a more equal and just society, and definitely a more democratic government.
Sound interesting? Read on…
OH AND ALSO…
THE GREEN PARTY MANIFESTO – HOW?
Nice thoughts. Great sentiment. Achievable?
THURSDAY 7th MAY
IT’S JUST AROUND THE CORNER
For the full Green Party manifesto click here.
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What else do you feel the Greens aren’t quite covering? Let us know in the comment box below.
What’s the difference between a Dom and Non-Dom?
Domicile and Non-domicile is a matter of status. You have a domicile status in a place where you permanently live and/or have originated from, you have a non-domicile status in a place where you might be currently living but wouldn’t consider your permanent home or origination.
I want a status, where do I get one?
You tend to be born with one. Where you are born however, does not necessarily determine your domicile status. You tend to inherit your status from your father (and sometimes your grandfather).
E.g. you might be born in the UK but your father spent most of his life in Spain and would consider Spain his permanent home. You are therefore granted a non-dom status even if you continue to live in the UK.
You do also have a domicile choice…if you have a domicile status in the UK and decide to emigrate to another country you can actively change your status. If you decide that France is the place for you and decide to live there indefinitely, should you return to the UK you will now have acquired a non-dom status.
What’s all the fuss?
If you have a non-dom status you don’t have to pay UK tax on foreign income until you’ve been living in the UK for seven years.
FOREIGN INCOME IS? Money made abroad. You might live in the UK but your business might reside in another country, or you could be making money off of the property you own abroad, or you might have relatives abroad giving you money.
With your non-dom status you don’t have to pay UK tax on this foreign income for seven years as long as it is under £2,000 or not transferred to the UK.
After seven years, then what?
You pay a fee to keep your non-dom status. This is also known as a remittance and costs £30,000 per year if you’ve been resident of the UK for at least seven of the previous 9 tax years (this rises to £50,000 once you’ve been here 12 of the previous 14 years).
Again, WHAT IS THE FUSS?
Wealthy individuals from all over the world have been coming to live in the UK and using their non-dom status to avoid paying a lot of tax. Similarly, several UK citizens through domicile choice have been able to acquire a non-dom status and benefit from the same scheme.
SHOULD WE BLAME THEM? HOW CAN WE, THE UK HAS MADE IT LEGAL.
Players: Enticing these wealthy individuals to live in our country brings us investment and money from the UK taxes that they have to pay.
Haters: Our country is out of pocket 100’s of millions of £ worth because of it.
If you hadn’t guessed already, the Tories are the players and Labour are the haters…
Ed Miliband announced that if he gets voted in the GE15, he’d like to scrap the non-dom status once and for all. Cameron says, you won’t need to, these wealthy individuals won’t stick around long enough to see you scrap it.
Who knows…and yet we’re meant to decide.