CIOT draws attention to hidden penalty in proposed new tax rules
|Category|| 2007 Releases
Whilst the new consultation on the tax rules relating to non-domiciliaries has rightly attracted a lot of attention, The Chartered Institute of Taxation believes more attention needs to be given to a Private Members' Bill before Parliament. Published yesterday, the ‘Disqualification from Parliament (Taxation Status) Bill’ is a single-clause Bill that, while unlikely to become law, proposes that those electing for the non-domiciled remittance basis of taxation will be disqualified from acting as an MP or Member of the House of Lords.
John Whiting, Chairman of the CIOT’s Management of Taxes Committee, says: “One can understand the driving force at work here but there is also an important matter of tax principle. A taxpayer will, under the proposed non-domiciled rules, be given an option over two bases of taxation. Yet someone choosing one route is, seemingly, to be handed an extra penalty. It does seem a bad precedent if making what might be regarded as the wrong tax choice attracts adverse treatment in another area.”
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