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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Thursday 22nd May 2008
In a move which further undermines the UK government’s taxation policy there are major concerns that the new tax rules brought in to catch ‘non-doms’, and ensure that they pay UK taxes on all income, will impact on a wider market. It looks as though not only will the system be very expensive to run and administer, but the middle classes look like suffering the most.
As European markets open up to outside parties we have seen a major increase in the number of foreign workers assigned to the UK for short term projects. Historically these foreign nationals have not paid UK tax, instead being charged by their domestic tax offices, but it looks like things may change for some of them.
Under the new regulations which the government has said they will bring in, many of these so called ‘mobile international workers’ will be hit with UK taxes unless they can prove their case with reams of paperwork, bank statements and the like. If any funds are transferred to the UK it seems as though they may well be taxed upon these.
As many international companies look to the UK for their European base there are concerns that they will now look elsewhere, robbing the UK of vital talent in the business world. |
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