Wednesday, February 13, 2008

Non-Doms: Cable derides government proposals

Responding to the Government’s clarification this afternoon of their
policy towards non-domiciled residents, Liberal Democrat Shadow
Chancellor, Vince Cable said:

“The Government has made an unholy mess of this issue and is being made to
look thoroughly foolish, now it has been demonstrated that ministers
haven’t thought through the implications of their own policies.

“However, there has been some outrageous special pleading from the City
with wildly exaggerated accounts of the damage that would be done by
taxing non-domiciled residents.

“British taxpayers do not understand why they should pay 40% top rate tax,
while the super-rich may pay little more than council tax on houses worth
tens of millions.

“The Liberal Democrats have argued that non-domiciled status does provide
some unjustified tax loopholes, but the flat-rate charge proposed by the
Government and the Conservatives is not the way to end this scandal. It
will hammer many useful non-doms of moderate means, whilst super-rich
Russian tax exiles will regard it as no more than a fleabite.

“We believe that the best way forward is to allow non-dom status for seven
years, but after that treat them in the same way as all other British
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