Mr Osborne told the Conservative party conference in Blackpool that the £3.1bn cost of increasing the inheritance tax threshold and the £400m bill for scrapping stamp duty would be funded by imposing a £25,000 per year charge for non-domicile taxpayers.
There are between 150,000 and 200,000 people who live in this country but who do not pay tax on the money they make abroad, he said.
Prime Minister Gordon Brown has been under pressure from his own party on tax breaks for wealthy "non-domicile" residents.
Mr Osborne said the inheritance tax change would benefit nine million families and ensure "only millionaires pay death duties"
************
Mr Osborne said he did not want to go chasing after income in the off-shore bank accounts of non-domiciles.
"But in return for that promise and the certainty it brings, we will charge a flat annual levy of about £25,000 for those who register for non-domicile status," he said.
Later he denied his plans for a £25,000 levy would prompt high-earners to leave Britain, telling a fringe meeting: "I think that is not going to happen. For them, what they want is certainty."
There are between 150,000 and 200,000 people who live in this country but who do not pay tax on the money they make abroad, he said.
Prime Minister Gordon Brown has been under pressure from his own party on tax breaks for wealthy "non-domicile" residents.
Mr Osborne said the inheritance tax change would benefit nine million families and ensure "only millionaires pay death duties"
************
Mr Osborne said he did not want to go chasing after income in the off-shore bank accounts of non-domiciles.
"But in return for that promise and the certainty it brings, we will charge a flat annual levy of about £25,000 for those who register for non-domicile status," he said.
Later he denied his plans for a £25,000 levy would prompt high-earners to leave Britain, telling a fringe meeting: "I think that is not going to happen. For them, what they want is certainty."
I'm really not convinced that Britain has 150,000 foreigners that are-
A- able
and
B- willing
- to pay a £25,000 annual charge to live here. I suspect a large chunk of them will probably bugger off.
Comment