What is non-dom tax and how much has it contributed to the UK economy?

Non-doms contributed nearly £9bn to the exchequer through tax and national insurance contributions (NICs) in the 2022/23 tax year, the highest amount since new rules around the regime were brought in in 2017. Data from HMRC released on Tuesday showed the amount of income tax, capital gains tax and NICs paid by the controversial class of resident rose by £474m in the previous year, meaning the average non-dom paid over £120,000 in tax. The budget for the Department of Health and Social Care (the government department responsible for looking after the NHS) in the 2022/23 tax year was £182bn, suggesting the total non-dom tax taken in the year was enough to fund spending on the public health service for 18 days. For more on the story 👇 https://www.cityam.com/tax-from-uks-74000-non-doms-paid-for-18-days-of-nhs-spending-in-2022/ Get more of City A.M. 👇 🌐 http://www.cityam.com X(formerly Twitter): http://twitter.com/CityAM Facebook: http://www.facebook.com/cityam Instagram: http://www.instagram.com/city_am LinkedIn: http://www.linkedin.com/company/cityam Produced by: Ali Lyon, Scarlett Wild, Larissa Howie #tax #nondom #ukgovernment #news #uknews #london #money #spending #residents #taxresidents #capitalgains #business #profits #banks #spending #hmrc #nhs #publicspend #taxpayer #personalfinance #economy #ukeconomy