Balls Ally Can’t Name One Expert Backing Labour Figures

“There are a number of people who have said [the non-dom ban] could raise hundreds of millions,” Labour’s Shadow Exchequer Secretary Shabana Mahmood told the Daily Politics. Asked to name just one, she could not. Funnily enough, Guido had the same problem with the Labour press office as well:

Two hours later and no reply. The only ‘expert’ making such a claim is a Labour member and even he has admitted he got it wrong. #nondomnishambles…

LISTEN: Ed Balls Says He Will Abolish Non Dom Status

Ed Balls told Radio 5 this morning that he would abolish Non Dom status:

He was backed up in a car crash outing by his deputy Shabana Mahmood on the Daily Politics.

Yet Labour are briefing that they are not abolishing and there will be temporary status for some.

So which is it?

Labour’s Tax Expert Admits Error

jolyon

This morning on the Today Programme Ed Balls namechecked the blog of Jolyon Maugham a tax specialist QC, he estimated that Labour’s change to the non-dom tax rules would bring in an extra billion. Ed Balls referred to him again later as a “tax expert”:

Just now in the Q & A after his speech Ed Miliband also referred to Jolyon Maugham as an “independent expert” – he’s actually a Labour Party stalwart.

Well other independent experts have taken him to task on Twitter for a basic error, most countries have double taxation treaties (DTCs). If you pay tax in one country on your earnings, you can’t be taxed again in another jurisdiction – the UK has over 100 such treaties. On Twitter Jolyon has conceded “I accept DTCs could have some impact. There’s plainly some uncertainty about the numbers.” When you take this into account the net tax take will be nowhere near the billion claimed…

BBC on Labour Non Dom Gaffe: “It’s All Gone Pear Shaped”

Did Ed Balls once p*ss on Norman Smith’s chips or something?

Watch Balls Undo Labour’s Big Non-Dom Policy

From January:

“If you abolish the whole status it will end up costing Britain money because some people will leave the country.”

UPDATE:

Balls in Jan: Non Dom Reform “Will End Up Costing Britain Money”

balls-miliband-460

Having spent the last four months bringing a spoon to a knife fight, it seems Labour’s press operation has finally woken up to the fact there is war on. Yesterday’s flurry of activity over Labour’s NHS letter leaking out was a nice distraction technique from the much bigger bomb dropped on the front page of this morning’s Guardian. But are Labour really as united on the policy as today’s coordinated TV and Tweetathon would suggest?

Here is what Ed Balls told the BBC just a couple of months ago about tinkering with non dom status:

‘If you abolish the whole status it will end up costing Britain money because some people will leave the country.’

Yet in a political stunt – that makes no sense economically and will raise little more than the reforms to shotgun licencing – three months later, Ed Balls is out pushing the line…

Will Ed Balls End the Guardian’s Non-Domiciling of Corporate Assets?

gmg

Further reading on the Guardian‘s tax hypocrisy:

10 Reasons to Re-Non-Domicile in Ireland if Red Ed Wins in May

Non-doms, hedge fund managers, entrepreneurs and investors are still welcome in Ireland:

  1. Only income from Irish sources is taxable in Ireland.
  2. Income from UK or foreign sources is only taxable to the extent of amounts remitted (brought into) Ireland.
  3. Remittances of capital are not subject to Irish income tax – income earned at a time when the individual was not resident in Ireland would be treated as capital in nature and therefore not subject to income tax here when brought (remitted) to Ireland. This means that while such individuals will be chargeable to tax in Ireland on Irish source income and gains, they will only be chargeable on foreign income and gains to the extent that they are remitted to Ireland.
  4. Where non-domiciled individuals come to Ireland and use their wealth accumulated outside of Ireland to cover their day to day living expenses, it is possible for such individuals to live in Ireland free of tax.
  5. Individuals tax resident or ordinarily tax resident but not domiciled in Ireland are liable to Capital Gains Tax on gains arising on the disposal of assets situated in Ireland and the United Kingdom, and on all foreign gains to the extent that those gains are remitted to Ireland.
  6. Prime property in Dublin as well as estates in the country are still below their bubble highs – though Dublin is rebounding fast. Beachfront properties or houses with stabling facilities are plentiful.
  7. Ireland has world beating sporting teams, fantastic golf courses, the fishing is spectacular, hunting is legal, the sailing is great and the country is the world leader in equestrian sports.
  8. Ireland’s regional airports are an hour away from London City Airport in your Lear  jet.
  9. Ireland has a world class educational system and universities, technology start-ups are springing up everywhere, foreign tech firms like Twitter base their European headquarters in Ireland because the young well-educated English-speaking workforce has the talent they need.   The International Financial Services Centre ‘IFSC’ in Dublin welcomes hedge funds with financial incentives to relocate and is second only to London for the number of fund managers. The Heritage Foundation ranks Ireland the freest economy in the euro-zone.
  10. There is broad cross-party support for Ireland remaining a low tax, business friendly country welcoming to foreign investors. Corporation tax is 12.5%, inward investment incentives with tax breaks for entrepreneurs are generous.

If Red Ed does get elected on May 7 and the socialist terror comes to Britain, Ireland will welcome the huddled elite, yearning to breathe free…



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