Wealth management advisors warn the scale of
crack down on an elite of wealthy foreigners living in the UK could undermine
the London art market, drive much of the private equity industry abroad and
trigger the sale of property and UK shares worth billions of pounds.
UK’s wealthiest non-domiciled residents are facing billions of pounds in
capital gains tax (CGT) on UK-based assets under far-reaching legislation being
drawn up by the Treasury, sending shockwaves through the wealth management
industry, FT.com reports.
The extent of the Treasury’s ambition to target offshore trusts which enable
‘non-doms’ to escape tax on their UK investments has emerged during meetings
between senior officials and professional institutes.
Wealth advisers fear the Treasury has underestimated the impact of the
Trust and Estate Practitioners, which represents advisers, is calling for ‘a
considered economic assessment before radical changes are introduced and London
. . . is damaged’.
Non-dom policy is ‘squalid’
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