TaxAdministrationShipping bitterly opposed to non-dom change

Shipping bitterly opposed to non-dom change

The shipping industry is bitterly opposed to the changes to non-domiciled losing tax-free status

The shipping industry has bitterly disappointed non-domiciled residents,
including many shipowners, who lost their tax-free status in the 2008 Budget.

Leading representative organisations – including the
Baltic Exchange,
Chamber of
Shipping
, Maritime London, and the Joint Hull Committee – insist non-doms
already pay substantial amounts of tax on the income they generate in the UK and
the capital they remit to the country, according to Lloyd’s List.

‘Undermining the UK’s £1.5bn, world-beating maritime services sector will do
nothing to help the UK’s economy or the chancellor’s fiscal position,’ Jeremy
Penn, Baltic Exchange chief executive, said.

‘We are very disappointed that the government has chosen to ignore advice
from so many sources and to push these changes through. There is no doubt that
rather than raising funds for the exchequer, the effect of this move will be to
cause the large-scale departure of shipping businesses and massive fallout in
maritime services, with obvious consequences for government revenues.’

Further reading:

Muted response to government’s non-dom concessions

Read
story in the Lloyd’s List

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