Gaines-Cooper ruling will stunt exodus says Tullet Prebon boss
Terry Smith says staff considering moves offshore have been deterred by court ruling which shot down Robert Gaines-Cooper's latest attempt to be classified as a non-resident
The chief executive of Tullett Prebon has said staff have been put off
applying for non-residency status after HMRC’s court win against tycoon Robert
Gaines-Cooper, according to
Citywire.
Terry Smith believed workers at the stockbroking company would be less
inclined to take relocation options after appeal court judges decided HMRC was
entitled to go
outside
of the 91-day residency rules in assessing Gaines-Coopers links to the UK.
This comes in the backdrop of high-net worth individuals looking to mitigate
the effects of the 50% top rate of tax and the government’s sting on bankers’
bonuses.
Advisers have said clients have been asking whether they would have to
completely cut ties with the UK by moving their partners and children out of the
UK as well if they want to gain non-resident status.
Further reading:
Gaines-Cooper
snub could spark 20-year residency probes