BBA comes out in support of non-doms

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BBA comes out in support of non-doms

Fri 29th Feb 2008

The UK's non-domiciled workers are vital to the future success of the country's economic growth, the British Bankers Association has argued.

Angela Knight, Chief Executive of the association, made her comments after the government announced a review of the way non-doms are taxed.

The non-domicile loophole allows some residents of the UK to cite another country as their real domicile, meaning they then only pay tax on money earned outside the country if they 'remit' the money back to Britain, unlike other UK residents.

Ms Knight warned: "If we put at risk our position as the centre of international finance, there will be countless other financial centres shaking out the welcome mats for those talented and industrious individuals who are currently contributing so much to our economic growth."

She also noted that non-doms do already pay tax to the exchequer on their UK earnings and said that there would be "a seismic change to our society yet the Exchequer’s benefit would be comparatively modest".

According to the Guardian 60,000 people currently benefit from the law, which was first introduced in 1799 to order to allow colonial landowners to escape tax on the internationally-gained wealth.

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