“Chancellor Philip Hammond faces backbench rebellion over £6billion tax loophole for foreign ‘non-dom’ property owners”

“Philip Hammond is facing a backbench rebellion over a £6billion tax loophole for foreign non-dom property owners.

They must pay tax on residential property sales but the government is not including profits made on commercial buildings.

It means that foreign owners can declare their flats and houses in Britain are for commercial use before they sell them- meaning they don’t have to pay a levy, reports The Sun.

The omission has created a loophole worth approximately £6billion that is set to spark a Commons showdown, according to campaigners.

Mr Hammond is now facing a rebellion from a cross-party coalition of Conservative, Labour, Liberal Democrat and SNP MPs when the Finance Bill is put to a vote on Tuesday.

Labour MP Stella Creasy said: ‘Why should British businesses have to pay this tax but foreign ones get away with it? …”

http://www.dailymail.co.uk/news/article-5027167/Philip-Hammond-faces-rebellion-6billion-tax-loophole.html

One thought on ““Chancellor Philip Hammond faces backbench rebellion over £6billion tax loophole for foreign ‘non-dom’ property owners”

  1. Well there are only two possible explanations for this:

    1. It is typical Tory sleight of hand. Claim that you are closing a loophole, but at the same time create a nice little new loophole for your party’s investors which helps them avoid the tax. How many other examples are there of Tory’s giving their investors (or sponsors or as they call then donors) massive tax breaks to make the gap between rich and poor even bigger?

    2. It is typical Tory incompetence. Rather than doing the job properly, do it in a half-baked half-arsed way that is easy-peasy to avoid because you haven’t got the basic common sense to work out what the response to this will be. How many other examples are there of unintended consequences?

    I can’t think of any other explanations, so take your pick: Corrupt or Incompetent?

    Like

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