Comments on: The British Bankers Association - losing touch with reality http://www.taxresearch.org.uk/Blog/2008/03/06/the-british-bankers-association-losing-touch-with-reality/ Richard Murphy on tax and corporate accountability Thu, 04 Dec 2008 03:15:40 +0000 http://wordpress.org/?v=2.6 By: Fred Fry http://www.taxresearch.org.uk/Blog/2008/03/06/the-british-bankers-association-losing-touch-with-reality/#comment-394084 Fred Fry Thu, 06 Mar 2008 13:09:34 +0000 http://www.taxresearch.org.uk/Blog/2008/03/06/the-british-bankers-association-losing-touch-with-relaity/#comment-394084 I think you might be shooting a little low as to the total number of non-doms who would leave. Greece has decided to try and attract Greek Nationals in the UK back to Greece. Even so, you are right that it is a small number. Of more interest I think is the number of UK Citizens who are leaving which reports estimate at 1,000 a week. The lost taxes are probably much more damaging in that case since they were paying tax before. I know there has been calls on this site to tax UK citizens regardless of where they live, like the US does, but the US does example a good portion of the foreign income, taxing only the difference that was already paid to the State that the person is living in. I think you might be shooting a little low as to the total number of non-doms who would leave. Greece has decided to try and attract Greek Nationals in the UK back to Greece. Even so, you are right that it is a small number.

Of more interest I think is the number of UK Citizens who are leaving which reports estimate at 1,000 a week. The lost taxes are probably much more damaging in that case since they were paying tax before. I know there has been calls on this site to tax UK citizens regardless of where they live, like the US does, but the US does example a good portion of the foreign income, taxing only the difference that was already paid to the State that the person is living in.

]]> By: roger rabbit http://www.taxresearch.org.uk/Blog/2008/03/06/the-british-bankers-association-losing-touch-with-reality/#comment-394029 roger rabbit Thu, 06 Mar 2008 10:24:40 +0000 http://www.taxresearch.org.uk/Blog/2008/03/06/the-british-bankers-association-losing-touch-with-relaity/#comment-394029 This is, in my humble opinion, utter garbage - the lunatic rantings of what were once called “teenage scribblers” (although actually middle aged) who would be more appropriately employed by the Sunday Sport. Despite having once worked there, I am no great supporter of the City. However, even if the BBA hyperbole were true, are we really saying that the main foundation of London’s position as the No 1 financial centre is largely dependent, not on the talent, innovation and commitment of its (mainly UK) workers and executives, and on its expertise, infrastructure and institutions, but on a few (mainly US) non-doms and the tax breaks given to them? The same type of people whose most recent triumphs involve advancing mortgages to people unable to repay them, then packaging, concealing and peddling them as securities around the world? The type of US ex-pat financial expertise responsible for the Enrons of this world is I think something the City can rather do without. If the BBA statement is true, is not the logical conclusion that we might as well give up, become a fully-fledged tax haven and compete on what the BBA believes to be our main strengths? Frankly as a Brit, I find the BBA comment offensive. What does the BBA think the population of the UK is - a bunch of grunts? This is, in my humble opinion, utter garbage - the lunatic rantings of what were once called “teenage scribblers” (although actually middle aged) who would be more appropriately employed by the Sunday Sport.

Despite having once worked there, I am no great supporter of the City. However, even if the BBA hyperbole were true, are we really saying that the main foundation of London’s position as the No 1 financial centre is largely dependent, not on the talent, innovation and commitment of its (mainly UK) workers and executives, and on its expertise, infrastructure and institutions, but on a few (mainly US) non-doms and the tax breaks given to them? The same type of people whose most recent triumphs involve advancing mortgages to people unable to repay them, then packaging, concealing and peddling them as securities around the world? The type of US ex-pat financial expertise responsible for the Enrons of this world is I think something the City can rather do without. If the BBA statement is true, is not the logical conclusion that we might as well give up, become a fully-fledged tax haven and compete on what the BBA believes to be our main strengths?

Frankly as a Brit, I find the BBA comment offensive. What does the BBA think the population of the UK is - a bunch of grunts?

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