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25 Feb 2008
Nine senior City figures are to quit the UK following the chancellor's crackdown on non-domiciles, it has emerged.
The Daily Mail reported this morning that nine top executives - from companies including Ernst & Young, Bear Sterns, Bank of America and McDonald’s - were planning to go.
The paper said that the nine represent only the ‘tip of the iceberg’ and that hundreds of non-doms will quit the UK for destinations with less punitive tax regimes.
London mayor Ken Livingstone has expressed fears that the moves will have a serious impact on the UK’s status as a business community.
The changes mean a £30,000 levy for non-doms who stay longer than seven years, and a crackdown on the remittance rules which prevent non-doms bringing cash earned offshore into the UK tax-free.
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