Terry Smith says staff considering moves offshore have been deterred by court ruling which shot down Robert Gaines-Cooper's latest attempt to be classified as a non-resident
Accountancy Age, 11 Mar 2010
The chief executive of Tullett Prebon has said staff have been put off applying for non-residency status after HMRC's court win against tycoon Robert Gaines-Cooper, according to Citywire.
Terry Smith believed workers at the stockbroking company would be less inclined to take relocation options after appeal court judges decided HMRC was entitled to go outside of the 91-day residency rules in assessing Gaines-Coopers links to the UK.
This comes in the backdrop of high-net worth individuals looking to mitigate the effects of the 50% top rate of tax and the government's sting on bankers' bonuses.
Advisers have said clients have been asking whether they would have to completely cut ties with the UK by moving their partners and children out of the UK as well if they want to gain non-resident status.
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