TaxCorporate TaxTUC urges Chancellor to close non-dom tax loopholes

TUC urges Chancellor to close non-dom tax loopholes

'Ignore the self-interested whining of a small City elite' says Brendan Barber

The TUC has
urged the Chancellor to close loopholes that allow businesses owned by
non-domiciled residents to enjoy tax advantages over British companies.

These include escaping paying tax on export profits, share dividends and
capitals gains tax when the business is sold, said
The
Guardian
.

The TUC general secretary, Brendan Barber, said: ‘If the UK is to survive in
today’s ultra-competitive global economy, it needs a tax system that rewards
business innovation and productivity, not the ability to exploit tax loopholes.

‘The chancellor should consider this when drawing up his budget and must
ignore the self-interested whining of a small City elite masquerading as the
national interest.’

In a letter to Alistair Darling reported in
the
Financial Times
, Barber says: ‘Indeed, we would prefer you to go further and
bring the UK into line with the rest of the advanced economies … and expect
those previously non-domiciled to pay tax in line with residency rules. We have
calculated such a move would raise £4.3bn extra tax revenue, enough to help the
government meet its target of halving child poverty by 2010.’

Further reading:

The
Guardian
story

The
Financial Times story

TUC

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