TaxPersonal TaxNine City non-doms to quit London

Nine City non-doms to quit London

Ernst & Young executives among those set to leave the country.

Nine senior City figures are to quit the UK following the chancellor’s
crackdown on non-domiciles, it has emerged.

The
Daily Mail
reported this morning that nine top executives – from companies
including Ernst & Young, Bear Sterns, Bank of America and McDonald’s – were
planning to go.

The paper said that the nine represent only the ‘tip of the iceberg’ and that
hundreds of non-doms will quit the UK for destinations with less punitive tax
regimes.

London mayor Ken Livingstone has expressed fears that the moves will have a
serious impact on the UK’s status as a business community.

The changes mean a £30,000 levy for non-doms who stay longer than seven
years, and a crackdown on the remittance rules which prevent non-doms bringing
cash earned offshore into the UK tax-free.

Further Reading:

Read
the Daily Mail story

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