Digby Jones breaks ranks over non-dom tax
The trade and investment minister has warned the non-dom tax crackdown threatens London’s role as financial hub
Lord Jones
Digby
Jones, the trade and investment minister, broke ranks with official
government line yesterday, warning plans for a tax crackdown on non-domiciled
foreigners living in the UK threatened London’s role as a world finance centre.
In a candid interview with the Financial Times (FT), Lord Jones said
the tax changes made it harder for him to sell Britain as a destination for
skilled foreign workers and inward investment.
The minister, who has been approached by many from the City telling him this
was a serious issue for the financial services industry, said he had not been
consulted on the change. ‘I can give you five reasons as to why you should
invest in Britain before you go and invest anywhere else in Europe. But maybe
there were seven and now there are five,’ he told FT.
Lord Jones said that, because the £30,000 annual charge on foreign residents
would kick in only after seven years, UK would remain appealing to many young
people from abroad who wanted to spend time in the UK. ‘We’ve got to get the
message across to these people that it’s seven years before this begins to
bite,’ he said.
Further reading:
Lord Mayor of London attacks non-dom policy
Non-dom changes will scare away rich taxpayers
Read
story in the Financial Times
