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Is Darling Right To Charge Non-Doms?

While the UK government continues to flip-flop on the idea of charging non-domiciles £30,000 to live in the UK there is real concern that the scheme could seriously backfire on the City. London is currently one of the financial centres of the world, competing with the likes of America, Japan and China, but 80% of senior executives questioned in the City believe the non-dom charge has serious consequences for the competitiveness of London. The survey also found that 6 out of 10 businesses are very concerned about the future ability of London to attract substantial overseas investment.

Even though the £30,000 charge is substantial to the man on the street, it is loose change to many of the non-doms who are being targeted. However, it is more the change in attitude towards foreign nationals which is causing greatest concern. Many feel that the £30,000 charge is only the start of an onslaught to try and extract as much money from them as possible, at a time when national budgets are under pressure.

If the government scheme goes ahead we will see the emergence of other overseas markets, possibly willing to be a little more appreciative of the wealth and business which non-doms may bring to their country.

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