Tax crackdown will profoundly impact London

Discussion in 'Taxes and Accounting' started by ASusilovic, Nov 26, 2007.

  1. An elite of wealthy foreigners living in Britain faces paying billions of pounds in capital gains tax on UK-based assets, under far-reaching legislation being drawn up by the Treasury, reports the FT. The Chartered Institute of Taxation has warned the Treasury that the measures would have “a profound impact on the housing and art markets in London as well as its pre-eminence as a financial centre”. The scale of the Treasury’s ambition to crack down on offshore trusts that allow “non-domiciled” residents to escape tax on their UK investments will mean about 15,000 of the wealthiest non-doms will face much larger tax bills than the £30,000 fee unveiled last month.

    "The Swiss Banking Association is one of the authors of a master plan, launched on Thursday, to make Switzerland one of the world's top three finance destinations by 2015."
  2. Bad news for the Russian mafia dodging taxes using the UK offshore tax loopholes.