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Tags: tax-competition on 2008-05-06 -All Annotations (0) -About

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The Chancellor took the opportunity to spend a great deal of time talking about the UK’s tax competitiveness but unfortunately, he failed to follow this up with any real action. Despite his comment that the UK has ‘the most competitive corporation tax regime in the G7’ and ‘a stable tax regime’, the fact is that since 2000, the UK’s corporate tax rate has fallen from the fourth most competitive in 2000 to around 20th in the enlarged EU - and has dropped from the eighth most competitive to 20th among OECD countries.

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Guy Hands will on Wednesday warn he is reviewing whether to move at least part of Terra Firma, his UK-based buy-out firm, overseas in protest at the recent tax increases on capital gains and non-domiciled residents. “We are concerned by the recent changes to the UK tax laws,” says Mr Hands, the first buy-out boss to warn he may flee the country since the government started fiscally targeting rich private equity executives last year.

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In his first interview in his role as chairman of the prime minister’s advisory business council, a week ahead of Alistair Darling’s first Budget, Mervyn Davies, the chairman of Standard Chartered, sounded the alarm about the long-term effect of the Treasury’s contentious changes to capital gains tax and the tax regime for wealthy non-domiciled foreigners.

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The main indirect effect of the proposed increase in taxes on the non-doms (if they were to leave and not spend as occasional or even regular visitors as much as they now spend as residents) is through their consumption of non-traded goods and services, including charitable giving – a form of conspicuous consumption unless it is double-blind. The demand for magnums of 1961 Petrus (at £18,000 a bottle) would suffer. So would a few luxury shops, restaurants and studs. Upper bracket property prices in London and the home counties would fall. With a bit of luck, the fall in property prices would spread more widely.

Tags: iref, non-dom, tax-competition on 2008-02-14 -All Annotations (0) -About

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“Non-doms”, as they are known, currently pay UK income tax on British earnings, but not on money earned outside the country. Mr Darling remains firm in his desire to see a £30,000 annual levy charged for those wishing to retain non-dom standing after a seven-year grace period. Many likely to be affected enjoy sufficient wealth for such a charge not to be an insuperable issue, given the business and lifestyle advantages of life in London. But there are strong concerns at accompanying increased requirements for detailed information about their offshore holdings. In a letter to leading lawyers and tax specialists yesterday, the government accepted that the details of the idea have been poorly drafted, and stressed that it no intention of increasing the levy or of insisting on “any additional disclosures” regarding income or gains outside UK jurisdiction. Nor will there be any tax on money brought into Britain to pay the £30,000 charge.

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