The changes to non-dom taxation will damage the long term prospects of the UK
economy, according to the chief executive of Harvey Nichols, Joseph Wan.
Wan, who was born in Hong Kong and is a non-dom, told the Sunday
Times that if the crackdown on non-doms continued he would leave the UK
when he retired in seven years time at the age of sixty.
He said a number of his friends were already making plans to leave London.
The decision to impose a £30,000 levy on non-doms, was ‘very, very bad for
the London and for the long-term UK economy’ Wan said.
Wan said that as a non-dom he paid £100,000 a year in British taxes.
The comments came as a Grant Thornton survey said that 42% of wealthy
non-doms from South Asia were preparing to leave the UK.
A separate survey by Stonehage advisers claimed that non-doms spent £16.6bn a
year in Britain.
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The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy