12 March 2008
City response to Chancellor’s Budget on ‘non-doms’ tax
The Chancellor has listened to City concerns and limited the
impact of the widely anticipated ‘non-dom’ tax proposals in his
Budget, says City of London Policy Chairman Michael Snyder.
Michael Snyder said: "Although the Chancellor has confirmed the
new non-dom tax as expected at £30,000, he has removed considerable
uncertainty from the original proposals and this is welcome.
“The City will be pleased at the exclusion of overseas assets
from UK tax, the likelihood that US and other overseas tax regimes
will offset the non-dom tax for their citizens, and the application
of the scheme only to adults (and not their dependent
children).
“Keeping sensible rules on residency is also welcome and we note
that all hint of retrospective action has been dropped.
“Now the Government’s final plans on non-dom tax are clear we
can leave behind the fears and speculation of recent months and
concentrate on the underlying reality. London remains fully
competitive as the world’s leading international finance centre and
continues to welcome wealth-creators and knowledge workers -
whatever passport they are carrying."
Ends
Notes for editors
The City of London provides local government and police services
for the Square Mile, the financial and commercial heart of Britain,
and is committed to maintaining and enhancing the status of the
business City as the world's leading international financial and
business centre through its policies and services. Its
responsibilities also extend far beyond the City boundaries and
include management of the Guildhall Art Gallery, Barbican Centre,
Central Criminal Court at the Old Bailey, 10,700 acres of open
space including Hampstead Heath and Epping Forest, three wholesale
food markets, as well as acting as the London Port Health
Authority.
Press enquiries
Media enquires to Greg Williams, Head of Press, City of London:
020 7332 1455, 07889 167205 or email
greg.williams@cityoflondon.gov.uk