Tighter tax rules on foreigners bringing money into the UK could push private banks to move a third of their business offshore, lawyers have warned. Daily Telegraph
Richard Turnor, a partner at law firm Allen & Overy, said banks were already considering moving bankers overseas after Wednesday’s Budget retained proposals first mooted in last year’s Pre-Budget Report. These will tax money brought onshore by non-domiciles to pay for investment banking and brokerage services in the UK.
Turnor said the additional 40% charge would make the services uncompetitive in a global market and banks would move operations out of London to accommodate non-dom clients.