TaxPersonal TaxLord Mayor of London attacks non-dom policy

Lord Mayor of London attacks non-dom policy

Lord Mayor David Lewis says City's relationship with government have reached new low after non-dom changes

The Lord Mayor of London has said the government’s policy towards non-dom
taxpayers has driven its relationship with the City of London to a new low.

Lewis told a banquet given by the Worshipful Company of International Bankers
that the policy of charging non-doms £30,000 a year to have foreign income kept
tax free was causing ‘real anxiety’ and he made a direct plea to Alistair
Darling, a guest at the dinner, to revise the policy.

‘Very many people simply cannot understand why we are risking the loss of so
many talented people from the UK for the sake of the possibility of a relatively
paltry tax receipt by the Treasury, which it will probably never actually
receive. Switzerland, Dublin, the Isle of Man and the Channel Islands will
welcome them and are planning accordingly,’ Lewis was quoted as saying in the
Daily Telegraph.

The speech was reported to have been received by loud cheers and
table-banging from the assembly of City Bankers.

Further reading:

Non-dom changes will scare away rich
taxpayers

City banks hit by non-dom chaos

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