Tax Crackdown On Foreign Non-Doms May Hurt London 

If Chancellor Alistair Darling goes ahead with plans for a tax crackdown on non-domiciled foreigners, business tycoons will desert the UK, a former Lord Mayor of the City of London warned.

“Sir Michael Savory said investors may choose to base themselves in Dubai or Singapore if Mr Darling imposes a planned £30,000 annual levy.”

The plan calls for non-domiciled foreigners living in Britain for more than seven years and wishing to keep their offshore income out of the UK tax system to be charged £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.”

This entry was posted on Tuesday, February 12th, 2008 at 7:24 am and is filed under offshore asset protection, offshore trusts, tax havens, non-resident account. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.