The reaction by UK’s shipping industry has been muted to chancellor Alistair Darling’s watering down of the non-domiciled tax rules as many in the sector still fear more should be done to prevent an exodus of important shipping business from London. Groups, including the Baltic Exchange and the Chamber of Shipping, will continue to press the government on the issue.
Jeremy Penn, Baltic chief executive, told shipping publication Lloyd’s List further reassurances were needed. ‘The government has a very long way to go in rebuilding the confidence of the non-domicile community in its relationship with the British government,’ he said. ‘Modest concessions are not what’s needed - what’s needed is for the entire initiative to be withdrawn and rethought in full.’
Rod Gautrey, private client partner with specialist shipping accountants Moore Stephens, said that, although the latest changes were an improvement, he remained sceptical as to what they would amount to in practice, .
David Asprey, Chamber of Shipping head of policy, said the changes failed to ‘address the damage being done by the broad sweep of the government’s proposals’.
Further reading:
Darling caves in to non-dom tax resistance
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