TaxPersonal TaxCity urges non-dom tax reform delay

City urges non-dom tax reform delay

Chancellor told to hold back on changes for a year to avoid errors

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.

Further reading:

Darling caves in to non-dom tax
resistance

Tycoon threatens to quit UK in non-dom
furore

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5h Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

5m Alia Shoaib, Reporter