City big guns to launch assault on non-dom tax - Business News - Business - The Independent

City big guns to launch assault on non-dom tax

Influential figures in banking and the arts make eleventh-hour attempt to delay introduction of 'damaging and ludicrous' changes

A campaign is being launched by the City's most influential trade associations in a last-ditch attempt to persuade ministers to postpone controversial tax proposals for "non-domiciled" workers for at least a year.

The London Investment Banking Association, the trade body representing the most powerful investment banks; the British Bankers' Association; the City of London Corporation; the CBI and London First have either made submissions to the Treasury or are planning to do so by this Thursday's deadline. They all want a cooling-down period of 12 months for the issues to be properly debated.

Liba director Ian Harrison said: "We feel that the tax proposals for 'non-doms' have not been as well researched or as well thought out as they should be. In some cases they are highly complex and unworkable."

Mr Harrison added: "We estimate about 40 per cent of the 100,000 investment bankers who work in London – most of whom are senior managers or young graduate recruits in the banks – will be affected by these changes."

Individual banks are also making their protests known, including the big US houses, which will be hit hardest by proposals to force workers to either declare all income earned overseas or pay a £30,000 levy. US embassy officials have expressed their anxieties to the Government.

Goldman Sachs, which is close to the Government and advised it on the Northern Rock saga, has had its own meetings with the Treasury. Sources say that many senior ministers privately accept that the proposals are damaging to the UK and want to see them either changed or delayed.

Anger over the proposals is bringing together the City and the arts. Paul Myners, chairman of the Tate trustees and the Guardian Media Group, Paul Ruddock of hedge fund Lansdowne and chairman of the V&A, and former Goldman Sachs banker Richard Sharp are all lobbying the Government.

Bankers fear the changes may prompt many of the bigger US houses to reconsider London as the headquarters of their Europe, Middle East and Asia operations. One said: "London may be the best centre now but once a big US bank like Citigroup thinks that its bankers are being penalised it will move very easily – Dubai, Geneva or Dublin. They are all serious alternatives.

"These proposals have been put through in a rushed, cack-handed and ludicrous manner. The City accepts that there should be equity over the tax treatment of domiciled workers and non-domiciled. However, the Government has once again rushed into this mess without thinking through the consequences, which could be severe."

News
Paper trail: the wedding photograph found in the rubble after 9/11 – it took Elizabeth Keefe 13 years to find the people in it
newsWho are the people in this photo? It took Elizabeth Stringer Keefe 13 years to find out
Arts and Entertainment
Evil eye: Douglas Adams in 'mad genius' pose
booksNew biography sheds light on comic genius of Douglas Adams
Sport
FootballFull debuts don't come much more stylish than those on show here
News
i100
PROMOTED VIDEO
Life and Style
Kim Kardashian drawn backlash over her sexy swimsuit selfie, called 'disgusting' and 'nasty'
fashionCritics say magazine only pays attention to fashion trends among rich, white women
Arts and Entertainment
TVShows like Agents of S.H.I.E.L.D are little more than marketing tools
Arts and Entertainment
Hit the roof: hot-tub cinema east London
architectureFrom pools to football pitches, rooftop living is looking up
Travel
travel
News
The ecological reconstruction of Ikrandraco avatar is shown in this illustration courtesy of Chuang Zhao. Scientists on September 11, 2014 announced the discovery of fossils in China of a type of flying reptile called a pterosaur that lived 120 millions years ago and so closely resembled those creatures from the 2009 film, Avatar that they named it after them.
SCIENCE
Life and Style
tech
News
ebooksAn unforgettable anthology of contemporary reportage
Arts and Entertainment
Matisse: The Cut-Outs exhibition attracted 562,000 visitors to the Tate Modern from April to September
art
Life and Style
Models walk the runway at the Tom Ford show during London Fashion Week Spring Summer 2015
fashionLondon Fashion Week 2014
News
Kenny G
news
News
peopleThe black actress has claimed police mistook her for a prostitute when she kissed her white husband
Life and Style
techIndian model comes with cricket scores baked in
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SQL Developer - Watford/NW London - £280 - £320 p/d - 6 months

£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Senior BA - Insurance **URGENT**

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Training Coordinator / Resource Planner - City, London

£35000 - £38000 per annum + Benefits: Ashdown Group: Training Coordinator / Pl...

Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)

£400 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...

Day In a Page

Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam
'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

Exclusive extract from Janis Winehouse's poignant new memoir
Is this the role to win Cumberbatch an Oscar?

Is this the role to win Cumberbatch an Oscar?

The Imitation Game, film review
England and Roy Hodgson take a joint step towards redemption in Basel

England and Hodgson take a joint step towards redemption

Welbeck double puts England on the road to Euro 2016
Relatives fight over Vivian Maier’s rare photos

Relatives fight over Vivian Maier’s rare photos

Pictures removed from public view as courts decide ownership
‘Fashion has to be fun. It’s a big business, not a cure for cancer’

‘Fashion has to be fun. It’s a big business, not a cure for cancer’

Donatella Versace at New York Fashion Week