The chancellor appears willing to bow to pressure to rethink his non-dom taxation plans
Accountancy Age, 12 Feb 2008
Chancellor Alistair Darling appeared last night to be bowing to the growing pressure to rethink plans to increase taxation on non-domiciled foreigners living in Britain.
The Treasury is said to be looking at possible concessions in the wake of a wave of protests over the tax crackdown, raising concerns about a possible exodus of wealth-creating foreigners from the City, The Times reports.
Officials were reportedly examining the detail of the proposals and could be considering provisions which would assure non-doms the Treasury’s aim were not to pry into their world-wide tax affairs, but only to tax the earnings they bring to Britain.
The rethink comes as business leaders renewed attacks on Mr Darling’s planned crackdown on non-doms. ‘Many of our clients have already started to put in place how they will leave the UK,’ Chris Sanger, an Ernst & Young partner and Institute of Chartered Accountants deputy chairman of the tax faculty, said. ‘There is very little time left for the Treasury to come out and signal a delay.’
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