TaxAdministrationBanks warn of ‘irrecoverable’ non-dom damage

Banks warn of ‘irrecoverable’ non-dom damage

The financial services industry could suffer ‘irrecoverable collateral damage’ if govt’s non-dom rules go ahead

The
British
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.

Further reading:

Taxman still wrangling over non-dom charge

CIoT urges one year delay of non-dom laws

Read
story in the Financial Times

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