The City has urged the government to delay its changes to the taxation of
non-domiciled residents in order to avoid unforeseen errors in the future.
‘Don’t rush into it and then have to sort it out afterwards … the dangers
in this [to the City] could be quite big if you get it wrong,’ Miles Templeman,
director-general of the Institute of Directors, told the FT.
Alistair Darling has already been forced into a u-turn on his original
proposals, and has had to assure the City that authorities would not sift
through the overseas finances of non-doms and that gains already accrued in
overseas trusts would not be taxed.
But it is predicted that business will continue to push for further
climbdowns, including a stay of execution and a further rethink.
The Treasury blamed ambiguities in the draft legislation for ambiguities over
the intention of the changes.
Business maintains that the changes were pushed through in a hurried and
chaotic manner and were not consulted on properly.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
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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