HMRC: Number of ‘non-dom’ taxpayers rises 7%, paying £8.9 billion – London Business News | Londonlovesbusiness.com

HMRC has published its latest figures on non-domiciled tax payers, covering 2023.

The figures shows that 12,900 non-domiciled taxpayers arrived in the UK in the 2023 tax year, up 18% on the previous year.

HMRC believes there are now 74,000 non-domiciled taxpayers in the UK, up 7% year-on-year.

Revenue from non-domiciled taxpayers came in at £8.9 billion, some 6% higher year-on-year and the highest level since 2017.

That includes an estimated £6.2 billion of income tax, £384 million of Capital Gains Tax and £2.3 billion of National Insurance contributions.

Nicholas Hyett, Investment Manager at Wealth Club said, “Non-dom’s will soon be extinct in the UK, with the new government looking to abolish the tax status that many wealthy individuals use to shelter their international earnings from UK tax. These numbers are therefore a glimpse into the past, soon to be part of the fossil record.

However, the Labour manifesto promised a process of evolution with “a modern scheme for people genuinely in the country for a short period”. These numbers show how important it is to get that new regime right. £. If it can achieve that it has the potential to achieve the best of all worlds – a tax regime where the wealthy contribute more, but don’t feel the need to flee abroad to sunnier climes.