Labour’s plan to scrap non-dom tax status is reckless, said deVere CEO
Labour’s plan to scrap the non-domicile tax status if they win the election has been slammed as “reckless” by the boss of one of the world’s largest independent financial advisory organisations.
The comments from Nigel Green, founder and chief executive of deVere Group, come after Labour leader Ed Milliband said in a speech on Wednesday that a “Labour government will abolish the non-dom rule.”
Nigel said: “Labour’s plan to come down on non-doms is a reckless and short-sighted attempt at winning votes.
“This move would, inevitably, prompt an exodus of the country’s most successful and wealthiest non-dom taxpayers.
“These are the individuals who have the resources to relocate most easily – and many, I suspect, will do so, should this plan come to fruition. Can Britain really afford to lose them?
“Considering how determined every country is to try and attract these high-net-worth, wealth and job creating individuals to boost their economies, this move proposed by Labour seems, frankly, absurd.
“In a global economy, it is vitally important for the UK to remain competitive in order to attract wealth and talent.
“This move would unquestionably make Britain a less attractive place to work for top international talent, result in lower tax revenues, and trigger many wealthy individuals to exit the country. This can all only bode ill for the UK’s long-term economic growth.
“Rather than attack the non-doms, I would suggest that a better solution would be to ultimately cut the tax burden for everyone. This would allow Britain to be globally competitive without affording certain people additional privileges.”