Foreign lawyers court non-doms
Non-doms offered seminars on international jurisdictions in the wake of UK's 'own goal'
International lawyers are swarming over the UK’s ‘non-doms’ in an attempt to
convince them of the merits of moving to other low-tax destinations.
The government is changing the set-up for non-domiciled residents, hitting
them with a new £30,000 charge if they stay more than seven years and tightening
the remittance rules which prevent them from bringing in tax free the cash they
have earned offshore.
The
Telegraph says that Dutch firm Loyens & Loeff is organizing a seminar
called ‘Quo Vadis’ on March 6 to fly in lawyers from Belgium, Holland and
Switzerland to explain the tax advantages of each jurisdiction.
The paper says this is typical of the activity of international law firms at
the moment.
One leading tax adviser is quoted adding: ‘The UK Government really has no
idea how much of a spectacular own-goal it has scored. It is totally depressing
how many Irish, Swiss and Dutch lawyers are swarming all over our clients now in
London, and the clients are listening to what was previously dismissed as
jealous propaganda.’
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