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Comment on Budget announcement, pressing ahead with £30k non-dom tax levy

Commenting on today’s Budget announcement from the Chancellor to press ahead with a proposed £30k levy on non-domiciled UK residents, Harvey McGrath, Chairman of business organisation London First, said:

“While the Government may feel that non-doms are an easy target for raising money, they risk throwing the baby out with the bathwater with these ill-considered proposals. London attracts the best talent from around the world. In increasingly difficult global economic conditions, the UK should be doing all it can to keep highly skilled talent, not beat them away. The Government pays lip service to promoting competitiveness, but has ignored business views about the negative effect this proposal will have.”

Based on Treasury figures, the estimated 120,000 non-domiciled residents in the UK contribute £4 billion UK income taxes
If only 5% of these ‘non-doms’ were to leave the UK, the revenue gain to the Treasury would be wiped out

– ENDS –

Notes to editors:

To read London First’s submission to the Government’s consultation on Non Domicile Taxation, please click here.

London First is a business membership organisation whose mission is to make London the best city in the world in which to do business. London First undertakes this by mobilising the experience, expertise and enthusiasm of the private sector to develop practical solutions to the challenges facing London. London First also seeks to persuade central and London government to make the investments that London needs in its infrastructure

London First delivers its activities with the support of 300 of the capital’s major businesses in key sectors such as finance, professional services, property, ICT, creative industries, hospitality and retail. Membership also includes all of London’s higher education institutions as well as further education colleges and NHS hospital trusts. London First members represent 26% of London’s GDP.”

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