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.
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.