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04 Mar 2008
HM Revenue & Customs (HMRC)’s dispute with the US over the affect on American expats from chancellor Alistair Darling’s tax crackdown on non-domiciled foreigners is unlikely to be resolved before the Budget next week, according to government insiders.
US investment banks and multinationals are increasingly alarmed at the continued uncertainty over the impact of the new rules on thousands of Americans in the UK, the Financial Times reports.
The dispute stems from the possibility that US non-doms will be unable to offset the £30,000 annual levy on wealthy foreigners, who have been in the UK for seven years or more, against their US tax bills.
Senior Treasury officials have travelled to Washington as part of a drive by the government to resolve the issue. HMRC’s ‘clarification’ on the non-doms changes last month said the UK would ‘continue to discuss with the US authorities how the £30,000 charge can become creditable against US tax’.
Further reading:
CIoT urges one year delay of non-dom laws
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