Banks warn of ‘irrecoverable’ non-dom damage
The financial services industry could suffer ‘irrecoverable collateral damage’ if govt’s non-dom rules go ahead
Bankers’ Association has told chancellor Alistair Darling that the imminent
changes to residence and domicile rules could have a ‘profoundly negative’
affect on UK’s reputation as a leading international financial sector.
In a letter to Darling the association warned that the London Stock Exchange
could also be affected by the non-dom tax changes, forcing businesses
contemplating public listings to consider other jurisdictions, the
Financial Times reports.
Angela Knight, BBA chief executive, warned the volume of consultations and
resulting pressure from a ‘cascade of tax issues’ on the industry were affecting
the quality of debate.
‘We strongly urge that the speed of change to the tax code should slow
considerably,’ she said.