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New 'non-dom' rule could benefit the Island

Thu, 09 Apr 2015

The Isle of Man may benefit if an elected UK Labour government abolishes the non-domicile rule.

That's according to our Economic Development Minister who says the plan could drive people to base themselves offshore instead.

However Laurence Skelly says caution must be exercised due to the current level of 'political rhetoric'.

Under the proposal Labour says wealthy people would no longer be allowed to limit the tax they pay on earnings outside the UK - something which currently saves them from adding considerably more into government coffers.

Mr Skelly says it will be interesting to see what happens:

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Media

• Laurence Skelly MHK