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Originally Posted by OMG!WTF!
This seems to clarify some of the tax questions...
http://business.financialpost.com/fp...murray-edwards
Looks like it costs $250 to cut and paste from Post articles now. But what stands out is that Canada is now one of the highest tax jurisdictions for wealthy people at 53%. Only Sweden, Denmark, and France are higher in the western world. Great Britain has a special "non-domicile" tax rate, close to 0%, specifically for rich ex pats and it works....lots of rich people move there for that reason. Edwards was looking at a 20% increase in income tax, 23% increase in capital gains and a 50% increase in dividend taxes so he left. Not a real head scratcher. |
That article doesn't do a very good job of explaining non-domiciled residents. You don't move there and just pay no tax; the UK just doesn't tax your worldwide income if you're not intending to live there permanently. Any money you earn in the country or any money you bring into the country is taxed normally. And generally any money you earn in other countries would be taxed in that country.