In the BBA’s response to the Government’s consultation on non-domiciled workers, chief executive Angela Knight says it is vital for the success of UK financial services that the UK remains open for business.
She says the industry is concerned that hitting workers with extra taxes would reduce the UK’s ability to attract and retain top calibre people and investment in our economy.
Knight says: “The non-doms already pay income tax to the Exchequer on their UK earnings, same as the rest of us. If they additionally have to pay a considerable annual levy on top, they will see this as a clear message that their presence is no longer valued by the UK, especially when considered alongside other measures the Treasury is proposing.
“The international view of the UK is that it is becoming by degrees less welcoming to business. If we put at risk our position as the centre of international finance, there will be countless other financial centres shaking out the welcome mats for those talented and industrious individuals who are currently contributing so much to our economic growth.”