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Wealthy foreigners set to quit UK over tax
By Vanessa Houlder
Published: December 6 2007 21:33 | Last updated: December 6 2007 21:33
Some 3,000 wealthy foreigners will leave Britain as a result of the planned clampdown on their beneficial tax regime, the UK Treasury has admitted.
Under plans announced in October, foreign citizens based in the UK who are exempt from tax on their offshore income, the so-called “non doms”, will face an annual charge of £30,000 (€41,600) once they have lived in Britain for at least seven years. The Treasury also intends to close the loophole under which they can escape capital gains tax.
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