Jones, the trade and investment minister, broke ranks with official
government line yesterday, warning plans for a tax crackdown on non-domiciled
foreigners living in the UK threatened London’s role as a world finance centre.
In a candid interview with the Financial Times (FT), Lord Jones said
the tax changes made it harder for him to sell Britain as a destination for
skilled foreign workers and inward investment.
The minister, who has been approached by many from the City telling him this
was a serious issue for the financial services industry, said he had not been
consulted on the change. ‘I can give you five reasons as to why you should
invest in Britain before you go and invest anywhere else in Europe. But maybe
there were seven and now there are five,’ he told FT.
Lord Jones said that, because the £30,000 annual charge on foreign residents
would kick in only after seven years, UK would remain appealing to many young
people from abroad who wanted to spend time in the UK. ‘We’ve got to get the
message across to these people that it’s seven years before this begins to
bite,’ he said.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure
The Apple Tax situation; Accountants replaced by robots; and The Accountancy Age Top 50+50; all discussed by head of editorial Kevin Reed