Tycoon threatens to quit UK in non-dom furore
Irish paper tycoon Smurfit threatens to move to Monte Carlo or Switzerland if Treasury brings in non-dom tax changes
Irish paper tycoon Smurfit threatens to move to Monte Carlo or Switzerland if Treasury brings in non-dom tax changes
Irish paper tycoon Dermot Smurfit is considering relocating to Monte Carlo or
Switzerland if the
Treasury
introduces its promised changes to the tax treatment of non-domiciled residents
in the UK.
‘If these changes come in, I would probably leave the UK,’ he he told
The Daily Telegraph. ‘I have contributed huge amounts to the country
and pay significant taxes, about £150,000 a year. If they bring these changes
in, it’s goodbye, thanks very much. They would end up with nothing.’
Smurfit, who has a share in a family fortune estimated at half a billion
pounds, is currently chairman of paper group,
Powerflute.
He has lived in the UK as a non-domiciled resident for 20 years.
He said both he and a number of his friends had investigated moving to Monte
Carlo and Switzerland, where the tax rules for resident foreigners are more
lenient.
Further reading:
Cameron under non dom pressure
Read
story in The Daily Telegraph
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleUHY Hacker Young and audit engagement partner Martin Jones face fines of more than £300,00 following Laura Ashley audit breaches. Read More...
View articleIt is hard to argue that the Taxes Management Act 1970 (TMA), wouldn’t benefit from some substantial updating. It came into force back in the mists of...
View articleMorton became Tax Director of the Office of Tax Simplification, an independent office of HM Treasury, in 2017 Read More...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleThe Upper Tribunal has rejected an appeal from HMRC in a case relating to the taxation of termination payments made to football player employees of To...
View articleThe revised guidance sets out the circumstances under which trustees need to disclose the identities of beneficiaries to HMRC Read More...
View articleAlthough the concept of a £1,000 tax-free allowance sounds very simple, there are a number of complexities of which taxpayers and advisers need to be ...
View article