TaxAdministrationDarling signals rethink on non-dom tax

Darling signals rethink on non-dom tax

The chancellor appears willing to bow to pressure to rethink his non-dom taxation plans

Chancellor Alistair Darling appeared last night to be bowing to the growing
pressure to rethink plans to increase taxation on non-domiciled foreigners
living in Britain.

The
Treasury
is said to be looking at possible concessions in the wake of a wave
of protests over the tax crackdown, raising concerns about a possible exodus of
wealth-creating foreigners from the City, The Times reports.

Officials were reportedly examining the detail of the proposals and could be
considering provisions which would assure non-doms the Treasury’s aim were not
to pry into their world-wide tax affairs, but only to tax the earnings they
bring to Britain.

The rethink comes as business leaders renewed attacks on Mr Darling’s planned
crackdown on non-doms. ‘Many of our clients have already started to put in place
how they will leave the UK,’ Chris Sanger, an
Ernst
& Young
partner and Institute of Chartered Accountants deputy chairman
of the tax faculty, said. ‘There is very little time left for the Treasury to
come out and signal a delay.’

Further reading:

Cameron under non dom pressure

Non-dom changes will cost UK £2bn

Read
story in The Times

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