Labour pledges to close 'non-dom' tax loophole

Labour will close the 'non-dom' tax loophole should it come to power in May, party leader Ed Miliband is set to announce later today.

The pledge to abolish the controversial tax status will be announced as part of a wider unveiling of the party's manifesto. The 'non-dom' tax rule allows certain citizens living in Britain indefinitely to claim another country as their domicile. They then pay tax only on UK earnings and any overseas earnings they remit to the UK, rather than paying tax on all earnings as per those domiciled in the UK. According to the BBC, Ed Miliband will say he is targeting an "increasingly arcane 200-year-old loophole" which "makes Britain an offshore tax haven". He will add that the rules fo...