TaxAdministrationMuted response to govt’s non-dom concessions

Muted response to govt’s non-dom concessions

The UK shipping industry has a muted response to Darling’s back down on the non-dom taxation rules

The reaction by UK’s shipping industry has been muted to chancellor Alistair
Darling’s watering down of the non-domiciled tax rules as many in the sector
still fear more should be done to prevent an exodus of important shipping
business from London. Groups, including the
Baltic Exchange
and the Chamber
of Shipping
, will continue to press the government on the issue.

Jeremy Penn, Baltic chief executive, told shipping publication Lloyd’s
List
further reassurances were needed. ‘The government has a very long way
to go in rebuilding the confidence of the non-domicile community in its
relationship with the British government,’ he said. ‘Modest concessions are not
what’s needed – what’s needed is for the entire initiative to be withdrawn and
rethought in full.’

Rod Gautrey, private client partner with specialist shipping accountants
Moore Stephens,
said that, although the latest changes were an improvement, he remained
sceptical as to what they would amount to in practice, .

David Asprey, Chamber of Shipping head of policy, said the changes failed to
‘address the damage being done by the broad sweep of the government’s
proposals’.

Further reading:

Darling caves in to non-dom tax resistance

City urges non-dom tax reform delay

Read
story in the Lloyd’s List

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