“Tipping point”
Dean Mullaly, managing director at Mark Dean Wealth Management, said the move would be a “bad thing” for his firm – which specialises in non-domicile clients – and for the UK as a whole.
“It may grab headlines and appeal to those that think all non-doms are super rich and take more out of the UK system than they give, but in actual fact they bring a lot of wealth to the UK by spending in our shops, buying property here, and creating employment, amongst other things.
“Driving these people away would damage the UK financially”.
Mullaly also said non-doms have been hard hit over recent years with various changes to the rules, including their ability to claim the remittance basis.
“There comes a tipping point where these individuals will just say enough is enough, and they will just relocate to another jurisdiction that welcomes them with open arms,” he said.
Cost the country
Chancellor George Osborne said scrapping the non-dom rule would cost the country hundreds of millions of pounds in lost tax revenues and lost investment.
He also said the fine details of Labour’s policy suggest the party has no intention of removing the rule completely.
