Banks warn of ‘irrecoverable’ non-dom damage

The British Bankers’ Association has told chancellor Alistair Darling that the imminent changes to residence and domicile rules could have a ‘profoundly negative’ affect on UK’s reputation as a leading international financial sector.

In a letter to Darling the association warned that the London Stock Exchange could also be affected by the non-dom tax changes, forcing businesses contemplating public listings to consider other jurisdictions, the Financial Times reports.

Angela Knight, BBA chief executive, warned the volume of consultations and resulting pressure from a ‘cascade of tax issues’ on the industry were affecting the quality of debate.

‘We strongly urge that the speed of change to the tax code should slow considerably,’ she said.

Further reading:

Taxman still wrangling over non-dom charge

CIoT urges one year delay of non-dom laws

Read story in the Financial Times