Financial news categories
Financial news archive
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
Non-dom rules 'unclear'
13 March 2008
Fears that ambiguous new rules about domicile and residency status for taxation purposes could cause an exodus of overseas companies and workers have been voiced by the Chartered Institute of Taxation (CIOT).
The CIOT has said that the publicity of government pronouncements is too far ahead of the legislation and is causing confusion among overseas workers.
John Cullinane, chairman of the corporate tax sub-committee for the CIOT, said that the pressure was being felt in the City where many fund managers employ talent from overseas.
"The draft legislation has not kept pace with the government's pronouncements as to what they are trying to achieve. People do not know where they stand. We are frightening people off," he said.
Earlier this year the chancellor announced that residents who had lived in the UK for more than seven years would be subject to a £30,000 annual payment if they wished to keep the tax advantages of any income that is earned overseas. 
