Nine senior City figures are to quit the UK following the chancellor’s
crackdown on non-domiciles, it has emerged.
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
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.
Drastically fewer offices for HMRC in the hope to reduce their running costs
Tayabali Tomlin and d&t directors launch £20 a month TaxGo service, aiming to be the 'biggest UK firm' by client numbers
Companies must report on their complex financial structures including offshore accounts and notify HMRC
An examination by the Public Accounts Committee (PAC) has revealed serious concerns relating to HMRC’s plans