Harvey Nicks boss attacks non-dom changes

Harvey Nicks boss attacks non-dom changes

Joseph Wan says non-dom tax reform will damage UK economy in the long-term

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.

Further reading:

Darling denies pleas for non-dom delay

Darling caves in to non-dom tax
resistance

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource