Comments on: Accountancy Age and Taxation agree: the non-doms won’t walk away http://www.taxresearch.org.uk/Blog/2008/02/27/accountancy-age-and-taxation-agree-the-non-doms-wont-walk-away/ Richard Murphy on tax and corporate accountability Thu, 04 Dec 2008 03:28:40 +0000 http://wordpress.org/?v=2.6 By: roger rabbit http://www.taxresearch.org.uk/Blog/2008/02/27/accountancy-age-and-taxation-agree-the-non-doms-wont-walk-away/#comment-391406 roger rabbit Fri, 29 Feb 2008 11:30:09 +0000 http://www.taxresearch.org.uk/Blog/2008/02/27/accountancy-age-and-taxation-agree-the-non-doms-wont-walk-away/#comment-391406 "Far fewer US persons will come here as the UK will be a tax death-trap for them." I guess they will not be working in the London offices of the Merrill Lynches, Citibanks in future then? Rubbish! During WW2, the pejorative saying about the Johnny-come-lately US forces was "over-paid, over-sexed and over here". I think the man on the Clapham omnibus could accept differential treatment in times of war, but I fail to see why he should accept it in times of peace. “Far fewer US persons will come here as the UK will be a tax death-trap for them.” I guess they will not be working in the London offices of the Merrill Lynches, Citibanks in future then? Rubbish!

During WW2, the pejorative saying about the Johnny-come-lately US forces was “over-paid, over-sexed and over here”.

I think the man on the Clapham omnibus could accept differential treatment in times of war, but I fail to see why he should accept it in times of peace.

]]> By: paul http://www.taxresearch.org.uk/Blog/2008/02/27/accountancy-age-and-taxation-agree-the-non-doms-wont-walk-away/#comment-391382 paul Fri, 29 Feb 2008 10:16:52 +0000 http://www.taxresearch.org.uk/Blog/2008/02/27/accountancy-age-and-taxation-agree-the-non-doms-wont-walk-away/#comment-391382 <i>Sadly the article is wrong. The changes will see the following happen. 1. A drain of investment by wealth foreigners in the UK. Why invest in the UK when you can invest outside the UK and not pay tax? This will hit deals like flotations which non-doms will now conduct outside the UK because UK assets are discriminated against. 2. Wealthy non-doms will leave the UK over the next 10 years as their UK commitments wind down, eg: their children finish school, their business deals end. Why stay here? It is too expensive and these are global people with choices. </i> so why should all people not leave, after all, if it too expensive for non tax payers how are normal people expected to live? <i> 3. Less talented foreigners will come here as the UK becomes a very expensive place to work and do business. </i> One of the reasons it is expensive, as this blog and others such as prem sikka point out, is that those that benefit most (be they individuals or corporations such as tesco) find it so easy to escape the obligations accepted by the majority of citizens <i> 4. Far fewer US persons will come here as the UK will be a tax death-trap for them. So I see this happening over the next decade with a gradual sickening effect for the economy.</i> </i> I envy your confident prescience. I can only look back in time and come to the conclusion that the primacy of finance over an economy based around goods and services is the long term problem, not the lack of a healthy influx of 'talented' us citizens. Sadly the article is wrong. The changes will see the following happen. 1. A drain of investment by wealth foreigners in the UK. Why invest in the UK when you can invest outside the UK and not pay tax? This will hit deals like flotations which non-doms will now conduct outside the UK because UK assets are discriminated against. 2. Wealthy non-doms will leave the UK over the next 10 years as their UK commitments wind down, eg: their children finish school, their business deals end. Why stay here? It is too expensive and these are global people with choices.

so why should all people not leave, after all, if it too expensive for non tax payers how are normal people expected to live?

3. Less talented foreigners will come here as the UK becomes a very expensive place to work and do business.

One of the reasons it is expensive, as this blog and others such as prem sikka point out, is that those that benefit most (be they individuals or corporations such as tesco) find it so easy to escape the obligations accepted by the majority of citizens

4. Far fewer US persons will come here as the UK will be a tax death-trap for them. So I see this happening over the next decade with a gradual sickening effect for the economy.

I envy your confident prescience. I can only look back in time and come to the conclusion that the primacy of finance over an economy based around goods and services is the long term problem, not the lack of a healthy influx of ‘talented’ us citizens.

]]> By: Tax Research LLP http://www.taxresearch.org.uk/Blog/2008/02/27/accountancy-age-and-taxation-agree-the-non-doms-wont-walk-away/#comment-391379 Tax Research LLP Fri, 29 Feb 2008 10:13:12 +0000 http://www.taxresearch.org.uk/Blog/2008/02/27/accountancy-age-and-taxation-agree-the-non-doms-wont-walk-away/#comment-391379 Phil Not wrong - just in conflcit with your opinion. That's quite different. And can you justify why state aid is needed for all these activities non-doms do? Doesn't that break the free-enterprise culture you seem to embrace? Richard Phil

Not wrong - just in conflcit with your opinion.

That’s quite different.

And can you justify why state aid is needed for all these activities non-doms do? Doesn’t that break the free-enterprise culture you seem to embrace?

Richard

]]> By: Phil Packer http://www.taxresearch.org.uk/Blog/2008/02/27/accountancy-age-and-taxation-agree-the-non-doms-wont-walk-away/#comment-390978 Phil Packer Thu, 28 Feb 2008 08:13:33 +0000 http://www.taxresearch.org.uk/Blog/2008/02/27/accountancy-age-and-taxation-agree-the-non-doms-wont-walk-away/#comment-390978 Sadly the article is wrong. The changes will see the following happen. 1. A drain of investment by wealth foreigners in the UK. Why invest in the UK when you can invest outside the UK and not pay tax? This will hit deals like flotations which non-doms will now conduct outside the UK because UK assets are discriminated against. 2. Wealthy non-doms will leave the UK over the next 10 years as their UK commitments wind down, eg: their children finish school, their business deals end. Why stay here? It is too expensive and these are global people with choices. 3. Less talented foreigners will come here as the UK becomes a very expensive place to work and do business. 4. Far fewer US persons will come here as the UK will be a tax death-trap for them. So I see this happening over the next decade with a gradual sickening effect for the economy. Sadly the article is wrong. The changes will see the following happen. 1. A drain of investment by wealth foreigners in the UK. Why invest in the UK when you can invest outside the UK and not pay tax? This will hit deals like flotations which non-doms will now conduct outside the UK because UK assets are discriminated against. 2. Wealthy non-doms will leave the UK over the next 10 years as their UK commitments wind down, eg: their children finish school, their business deals end. Why stay here? It is too expensive and these are global people with choices. 3. Less talented foreigners will come here as the UK becomes a very expensive place to work and do business. 4. Far fewer US persons will come here as the UK will be a tax death-trap for them. So I see this happening over the next decade with a gradual sickening effect for the economy.

]]> By: paul http://www.taxresearch.org.uk/Blog/2008/02/27/accountancy-age-and-taxation-agree-the-non-doms-wont-walk-away/#comment-390461 paul Wed, 27 Feb 2008 13:49:37 +0000 http://www.taxresearch.org.uk/Blog/2008/02/27/accountancy-age-and-taxation-agree-the-non-doms-wont-walk-away/#comment-390461 While I don't want to sound naive, is there any explanation why non doms leaving would be a problem? It's not like they're paying taxes, so the exchequer wouldn't miss them. There are limits to how much they can inject into the local economy though personal consumption. While some may consider their dizzying wealth makes dour old UK a gayer place, I think most could live as happily without them. While I don’t want to sound naive, is there any explanation why non doms leaving would be a problem?
It’s not like they’re paying taxes, so the exchequer wouldn’t miss them. There are limits to how much they can inject into the local economy though personal consumption. While some may consider their dizzying wealth makes dour old UK a gayer place, I think most could live as happily without them.

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