Posted 3/31/2024, 6:23:00 PM
Sunak's Tax Loophole Plan Could Save His Family £250 Million
- Conservative plans to abolish non-dom status contain loopholes worth hundreds of millions for the wealthiest, potentially saving Sunak's family £250 million in tax
- Loophole allows non-doms to put overseas funds in trusts before 2025 to avoid inheritance tax, saving Sunak's wife £250 million on her £690 million Infosys stake
- 50% first year discount on overseas income could save Sunak's wife £3.75 million on expected £7.5 million Infosys dividend
- Other loopholes include 12% discounted tax rate before 2027 on income brought to UK, and offshore capital gains calculated on 2019 asset prices
- Labour accuses Tories of one rule for the wealthy and another for everyone else, questions credibility of Tory tax policies