28/02/2008

London’s status threatened by non-dom policy

Chancellor Alistair Darling has been forced to stage a climb-down over his proposal to tax non-domiciled, or ‘non-doms’, resident in the UK for more than seven years £30,000, after many of the estimated 116,000 foreign residents who would have been affected threatened to leave the UK capital. Although the £30,000 annual levy still stands, significant concessions have been made, such as no longer asking for information about offshore trusts.

We will cover the latest developments and implications, plus expatriate tax issues, in the summer issue of Re:locate, out in June 08.

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