CBI hits out at ‘rushed’ non-dom plans

The CBI has warned the Treasury that plans to penalise non-doms with a
£30,000 tax hit are rushed, confused and should be rethought.

The tax changes send out a message that the UK no longer wanted to be
attractive to foreign talent, it said, and will hit the fast-growing financial
services industry hardest.

CBI Director General
Lambert said
: ‘Non-doms have been an important part of the UK’s economic
success and prosperity for many years, and successive administrations have
provided a warm welcome. Partly as a result of their presence, London is the
world’s leading financial and business centre.’

Research by the CBI in to the Treasury’s figures has thrown up serious
questions about its ability to raise the revenue, it has claimed. And subsequent
attempts to deal with the concerns have ‘contributed to the impression of
policy-making on the hoof.’

It suggested a 12-month delay would buy time for the Treasury to consult
properly ‘and iron out the confusion and inconsistencies whilst delivering
breathing space to non-doms to plan their affairs properly.’

Further reading:

chief slams non-dom move

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