The Robin Hood Amendment – Non-Dom residential property owners should pay full UK tax on their global income + capital gains

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The Robin Hood Amendment – Non-Dom residential property owners should pay full UK tax on their global income + capital gains

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pricedoutofthemarket.com seeks to create fairness for all buyers of UK residential property by ensuring that non-domiciled buyers seeking the safe-haven of living in the UK, pay the same tax as resident UK citizens.

We propose that the capital gains tax exemption for “principle residence” properties remain in place, subject to vendors providing confirmation at the time of sale or disposal that they have paid full applicable UK tax to HMRC on all of their global income and capital gains over the preceding five years.

Any vendor who cannot prove they have paid such tax, could not benefit from the PRR Exemption and would, before they could claim possession of their sale proceeds, be liable to a 28% tax on their property’s sale value.

The terms of this new legislation to apply to all individuals, companies, trusts, charities, non-governmental organisations (including all EU employees) and all other corporate structures, whether registered onshore or offshore without exception.

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