TaxPersonal TaxLondon loses edge over New York

London loses edge over New York

Northern Rock and non-dom debacles erode City's lead

London is losing its edge over New York as the world’s leading financial
centre, says
the
Financial Times
.

Research among the world’s top finance professionals by the
City
of London Corporation
reveals that the collapse of Northern Rock and the
planned crackdown on non-domiciled residents are making the UK less attractive
to overseas residents.

London’s lead over New York had halved over the last six months, according to
The Global Financial Services Index. Offshore centres such as Jersey and
Guernsey had become more competitive, as had Shanghai, Dubai, Qatar and Bahrain.

A second survey by the City said the UK tax system had lost its
competitive
edge
over other financial centres. The UK had become increasingly
unpredictable and uncertain, complex and unnecessarily aggressive in its
approach to taxpayers, it found.

Ireland, Switzerland, the Netherlands, Bermuda and Singapore were seen as
more attractive, while the UK tax regime was now seen as increasingly
unpredictable and uncertain.

Further reading:

Read
the Financial Times story

UK
regime becoming less competitive

City
still No 1 financial centre

Related Articles

Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3w Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

2m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

4m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

8m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

9m Alia Shoaib, Reporter