View more on these topics

Non-doms flee UK for better benefits

Wealthy non-doms are fleeing the country for better tax benefits, says a leading worldwide tax planner.

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.”

Recommended

Trawl order

With inflation at a 10year high, pundits are wondering where people should invest so we can outpace inflation over the longer term.

Guide

Guide: what you need to consider for your auto-enrolment project

In this guide, Johnson Fleming reveals what items you need to understand to gauge the impact of auto-enrolment on your business. The guide focuses on: the impact that your auto-enrolment scheme will have on you; assessing your workforce; understanding your staging date; reviewing your current provision; and modelling contribution levels and costs.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment