Sovereign Accounting Services managing director Simon Denton says despite reassurances from the Government, non-doms are leaving the UK in favour of better taxation rules.
Denton says: “I think everyone is trying to leave the country at the moment. I had three interviews with people this morning. One has left, one is not coming back and when the going is right for the third, they will leave. This is because the tax laws in this country are becoming almost as bad as the US.”
Denton says the increase in taxation is causing them to relocate headquarters and operations elsewhere. He says companies prefer to be located in Ireland because the corporation tax rate is lower and Ireland will keep the non-domicile laws that the UK has changed.
He says: “The advantages which have been taken away from foreign domiciles who have made the UK their home will now cause our economy harm.
“Why are there foreign property exhibitions every week of the year in this country? The beneficiaries from the changes in law are Switzerland, Monaco, Dublin, Singapore and elsewhere.”