07
Dec
07

dog bites man! governments still don’t understand tax competition!

From today’s Financial Times:
Some 3,000 wealthy foreigners will leave Britain as a result of the planned clampdown on their beneficial tax regime, the UK Treasury has admitted.

Under plans announced in October, foreign citizens based in the UK who are exempt from tax on their offshore income, the so-called “non doms”, will face an annual charge of £30,000 (€41,600) once they have lived in Britain for at least seven years. The Treasury also intends to close the loophole under which they can escape capital gains tax.

Just to be sure we all understand, the UK government thought it would raise revenues by slapping non-citizen residents with a huge tax increase (around $61,000), and about 3,000 of the 4,000 people who would be affected will simply move elsewhere instead of getting robbed

Nice work, you wankers.

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