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20 Jun 2008
Six out of 10 business leaders in London told the latest CBI-KMPG London Business Survey the city is under threat, blaming changes in the taxation regime for non-domiciled residents in the UK.
The survey found the percentage of business leaders believing the city’s competitiveness to be threatened had doubled in the past year, while one in 10 said it had deteriorated. Only one in 12 thought it had improved, down from one in three a year ago, the Financial Times reports.
Heading the list of threats to London’s as a place to do business was the new taxation regime for non-domiciled residents in the UK, cited by 70% of respondents for damaging London's attractiveness as an international business destination.
A vast majority of eight out of 10 said the £30,000 annual fee and multitude of changes had adversely affected Britain's reputation for tax stability and planning, prompting only 37% to rated it very good, the lowest score since the half-yearly survey began in January 2005.
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Briefings
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