US weighs into non-dom wrangle
American envoys report that they have been in crunch talks with US companies and taxpayers operating in the UK on the threat of double taxation
US envoys are making last ditch attempts to have non-dom proposals fine-tuned
so that American citizens avoid a double taxation hit.
Plans are in place to charge non-domiciled residents an annual levy of
£30,000 if they have been working in the UK for more than seven years, but the
particular wording of the legislation may see US citizens suffer twice because
they cannot offset the charge against US tax on worldwide income.
Richard LeBaron, charge d’affaires for the US embassy in London told the
Financial Times: ‘The embassy has been consulting widely and hearing the
concerns of American companies and taxpayers in the UK. We are communicating
those concerns to HM Treasury and others in the UK government as part of our
regular dialogue with them.’