Lord Ashcroft ‘gives up non-dom status’
By politics.co.uk staff
Lord Ashcroft has given up his non-dom status in order to remain in the House of Lords.
The Tory deputy chairman came under severe scrutiny over his tax status, after nearly a decade of evading the issue, in March.
A senior Tory source told the BBC today that he would be giving up the status.
The Constitutional Reform and Governance Act requires MPs and Lords to be resident in the UK for tax purposes.
Already five peers – Lord Foster, Lord Bagri, Lord McAlpine, Lord Laidlaw of Rothiemay and Baroness Dunn – have opted to give up their seats in parliament in order to avoid paying income tax on overseas earnings.
The three-month period in which peers can permanently exclude themselves from the Lords ends today.
The retention of Lord Ashcroft is a pivotal development for the Conservatives who
heavily relied on his donations to fund their campaigns in marginal seats in the run-up to the election.
Labour donor Lord Paul has also opted to give up his non-dom status.
