Two weeks ago, the IGM appealed for leniency from the chancellor on the grounds that citizen leaving the region before the 5 April 2003 – for those who originally left the UK after 6 April 2001 – they would not meet the one year tax test and would then face retrospective tax liability dating back to their original departure date.
But the Treasury has not yet offered any response.
Brian Friedman, partner at Ernst & Young and president of the IGM said: ‘Although we have not yet heard back from the chancellor, we remain optimistic that the government will publish a concession within the next two weeks. Early indications are that the Treasury are well aware of the situation as a result of lobbying by the Institute for Global Mobility.’
The IGM also found in a survey that 90% of companies that have interests in the region have an evacuation plan, while only 5% said their employees had faced security threats.
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