Tycoon threatens to quit UK in non-dom furore

Irish paper tycoon Smurfit threatens to move to Monte Carlo or Switzerland if Treasury brings in non-dom tax changes

Written by AccountancyAge.com

Irish paper tycoon Dermot Smurfit is considering relocating to Monte Carlo or Switzerland if the Treasury introduces its promised changes to the tax treatment of non-domiciled residents in the UK.

‘If these changes come in, I would probably leave the UK,’ he he told The Daily Telegraph. ‘I have contributed huge amounts to the country and pay significant taxes, about £150,000 a year. If they bring these changes in, it’s goodbye, thanks very much. They would end up with nothing.'

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Smurfit, who has a share in a family fortune estimated at half a billion pounds, is currently chairman of paper group, Powerflute. He has lived in the UK as a non-domiciled resident for 20 years.

He said both he and a number of his friends had investigated moving to Monte Carlo and Switzerland, where the tax rules for resident foreigners are more lenient.

Further reading:

Cameron under non dom pressure

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