Labour is considering a new crackdown on so-called ‘ non-doms ’ – wealthy foreigners who live in Britain but avoid paying tax on their overseas income . Shadow chancellor Ed Balls said he was ‘ absolutely looking at that for the future ’ when asked whether a future Labour government would turn its attention to non-doms . There are an estimated 116,000 non-doms living in the UK who only have to pay UK taxes on money they bring into the country . Income from overseas investments does not have to be declared . Shadow chancellor Ed Balls is considering a new crackdown on so-called ‘ non-doms ’ – wealthy foreigners who live in Britain but avoid paying tax on their overseas income . In 2008 Labour announced plans to charge non-doms £30,000 a year if they had been resident in the UK for seven of the previous ten years . Last year George Osborne announced this charge would be increased to up to £90,000 for those who have lived here for 17 out of the past 20 years . Mr Balls told the Daily Mail : ‘ One of the challenges that you ’ ve always got to do if you ’ re going to be a good chancellor is always be asking the question are the tax rules set in previous eras still the right rules for today ? ‘ And we know we ’ ve got some real challenges around international tax rules , when companies like Google or Starbucks can move their operations around the world . ' He added : ‘ And I think some of those issues…going back 200 years is right that we modernise the rules and that we ’ re tougher to make sure that people who are living in our city and working in our country , pay taxes in our country . ‘ I think people expect Government to do that and that ’ s what we ’ ve all got to do . He added : ‘ I think we need to make sure that people living in our country are paying their fair share of tax . We can do that through the mansion tax , which we are proposing . But we toughened up the rules on non-doms . George Osborne has done a bit more on that and I ’ m absolutely looking at that for the future. ’ In an editorial on Monday , the influential newspaper the Financial Times called for non-dom rules to be abolished , pointing out they dated back to 1799 to allow those with foreign property to shelter it from new war taxes . Last year George Osborne announced the charge paid by non-doms who have lived in the UK for 17 out of the past 20 years would be increased to £90,000 a year . Describing non-dom rules as an ‘ archaism ’ and an ‘ anomaly ’ it said that the government should ‘ end the egregious situation where the wealthiest enjoy the privileges of UK residency without paying their fair dues to the exchequer. ’ Under Labour , in 2008 non-doms were hit with a £30,000 charge if they had been resident in the UK for seven of the previous 10 years but chose to pay tax somewhere else . In its first year of operation this raised some £130million . Last year Mr Osborne announced that the annual levy charged on non-doms would be increased for those living here longer . Anyone resident here for seven of the last nine years keeps paying £30,000 a year , but the fee for those who have been here for 12 out of 14 years will rise to £60,000 . For those who have been in Britain for 17 out of 20 years it will cost £90,000 .
Shadow chancellor Ed Balls says he is 'absolutely looking ' at non doms . Non-domiciled foreigners live in UK but avoid tax on overseas income . 116,000 non-doms who only pay taxes on money brought into the country . They pay £30,000 a year if they had been resident for 7 of 17 of past 20 years . This rises to £90,000 for those who have lived here for the last 10 years .