first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Wealth managers cheered by new non-dom rules Wednesday 23 March 2011 5:18 pm alison.lock Share whatsappcenter_img The City’s private wealth industry received a boost after the Budget’s reform of how the UK’s wealthy non-domiciled residents are taxed proved more benign than expected.Chancellor George Osborne said ‘non-doms’ – people resident but not domiciled for tax purposes in the UK – will have to pay more after living here for 12 years.With the government grappling for cash to lower massive deficits, many feared a significant hardening of the non-dom rules, potentially damaging London’s burgeoning wealth management industry.Non-doms, who currently pay a £30,000 annual levy after seven years, will now pay £50,000 after 12 years but will not pay tax on foreign income or capital gains remitted to the UK if it is invested in British business.“Everyone was worrying about the worst case scenario… It’s a lot better than it could have been,” said Sophie Dworetzsky, a partner specialising in private client wealth management at law firm Withers.London wealth managers enjoy a competitive advantage in being able to run money offshore for thousands of highly paid foreign City financiers and residents who use London as a tax haven.A multi-billion dollar industry providing investment and banking services including premium credit cards and and private jet financing has grown up around these communities but faced an uncertain future if the rules had hardened.Osborne also said there would be “no other substantive changes” to the non-dom rules for the remainder of the current parliament. Show Comments ▼ whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Tags: NULLlast_img

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