Non-doms offered seminars on international jurisdictions in the wake of UK's 'own goal'
Accountancy Age, 26 Feb 2008
International lawyers are swarming over the UK's 'non-doms' in an attempt to convince them of the merits of moving to other low-tax destinations.
The government is changing the set-up for non-domiciled residents, hitting them with a new £30,000 charge if they stay more than seven years and tightening the remittance rules which prevent them from bringing in tax free the cash they have earned offshore.
The Telegraph says that Dutch firm Loyens & Loeff is organizing a seminar called 'Quo Vadis' on March 6 to fly in lawyers from Belgium, Holland and Switzerland to explain the tax advantages of each jurisdiction.
The paper says this is typical of the activity of international law firms at the moment.
One leading tax adviser is quoted adding: 'The UK Government really has no idea how much of a spectacular own-goal it has scored. It is totally depressing how many Irish, Swiss and Dutch lawyers are swarming all over our clients now in London, and the clients are listening to what was previously dismissed as jealous propaganda.'
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