You’ll remember much pre-election party sparring over the rich non-doms supposedly milking our tax system and getting away with £ms of tax which could save the NHS and the rest of society. Well, yes, that was always stretching it, but grabbing cash from the super-yacht elite was a great way of grabbing headlines but, as predicted by many, the amount it is likely to raise is unlikely to save anyone. Just like all those Rich Russians we banned when Putin invaded Ukraine, it seems the non-doms will simply pack (or rather, have someone pack) their bags and head for Dubai. Apparently in the last couple of years, it’s become standard practice for menus to be printed in both English and Russian, as both they and other super-rich are welcomed there with open arms and less fussy bank accounts and tax (or tax-free) systems. Good riddance, you may say, perhaps Mayfair property prices will come down a bit. But I doubt it, and would guess that the circle will turn and they, or at least some of them will be welcomed back in future years; when a future government of some complexion decides we need their £s/$s or whatever, once again.
“Reeves backs down on plans to cut ISA limit”
So it looks as though Cash ISAs are safe for the moment (FTM – is that a thing?) Rachel has apparently ‘bowed to pressure’ from the banks and building societies and decided not to reduce the allowance to £4,000 for cash and to keep the £20,000 parity with Stocks and Shares ISAs. Bowed also to common sense, I’d say.
