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

LITRG urges government to consider tax changes in disability work plan

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

3d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w 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

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

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

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

5m Alia Shoaib, Reporter