TaxPersonal TaxLord Mayor slams non-dom plans

Lord Mayor slams non-dom plans

David Lewis warns proposals will have the same effect Sarbanes-Oxley did in the US as companies snub London as a listing destination

The Lord Mayor of London has said that the imminent non-dom overhaul
threatens the prosperity of the whole country.

Alderman David Lewis said the proposals formed the British equivalent of
Sarbanes-Oxley, because the £30,000 levy would dent the popularity of London as
a listing destination in the same way the tough controls laws did in the US.

A survey by the City Corporation found that London’s lead over New York has
‘dropped significantly’, partly because of the non-dom proposals, Alderman Lewis
said.

Alderman Lewis made the incendiary comments at the annual trade and industry
dinner at Mansion House,
the
Financial Times
reported.

He urged John Hutton, business secretary and guest speaker at the dinner, to
heed the City’s views.

Further reading:

Nine City
non-doms to quit London

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