“Sir Michael Savory said investors may choose to base themselves in Dubai or Singapore if Mr Darling imposes a planned Â£30,000 annual levy.”
The plan calls for non-domiciled foreigners living in Britain for more than seven yearsÂ and wishing to keep their offshore income out of the UK tax system to be charged Â£30,000 annually.
“Sir Michael said: ‘The reality is that investors who come over here, businessmen who are based here, can move anywhere in the world if they want to.’”
“‘If we are moving to a high tax regime, as we are at the moment, they will migrate – Dubai, Hong Kong, Singapore.’”
“‘These are all markets that will be eager to see these investors move to their territory.’”
“Prime Minister Gordon Brown was ‘prudent enough’ during his tenure in Number 11 not to introduce a non-domicile tax, Sir Michael said.”