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by Steve Beasant on 28 November, 2009
Tonight, the Tories have suffered another blow after it was announced that Zac Goldsmith, the green adviser to David Cameron and prospective Tory MP, has admitted that he claims non-domicile tax status, enabling him to avoid huge sums of tax on his estimated £200m fortune.
The disclosure risks embarrassing the Tories, he confirmed that he is a “non-dom” who can legitimately escape paying tax on his inheritance from his late father, Sir James Goldsmith. Much of it is held offshore.
Goldsmith is the Tory candidate for Richmond Park; the seat is presently held by the high profile Liberal Democrat MP, Susan Kramer who held the seat with a 3,371 majority at last election, and this latest news should be a welcome boost to the Liberal Democrat campaign.
Goldsmith told The Sunday Times that he plans to give up his non-dom status next year prior to any general election which must be held by June.
The Tories have criticised non-doms for avoiding tax. George Osborne, the shadow chancellor, has pledged to impose a £25,000 annual levy on their wealth. Lord Ashcroft, the party’s biggest donor, is under pressure to confirm his tax status to comply with promises made when he took a peerage.
Non-domicile status is usually reserved for foreign nationals or people with roots overseas. It allows them to avoid tax on money earned outside Britain, unless they bring the money back into the country.
Although Sir James Goldsmith was Anglo-French, Zac was brought up in the
In an unusual arrangement, some of his British properties are held offshore.
Goldsmith’s 300-acre ecological farm in Devon and a house in
Goldsmith is an ally of David Cameron and was commissioned by the Conservative leader to draw up a blueprint for environmental and “quality of life” policies. He suggested a swathe of green taxes, including hikes in levies on 4×4 vehicles and aviation, and rebates on stamp duty for green homes.
His tax status drew criticism from opposition politicians. The Liberal Democrat Spokesperson for the Treasury, Lord Oakeshott said: “Cameron must sack Zac Goldsmith as a candidate now. He’s not fit to sit in parliament, when he’s claimed non-dom status all his life to keep his offshore hundreds of millions free of income, capital gains or inheritance tax. He must pay the millions he’s dodged to the British taxman.”
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