27-02-2008
New warning from UK's Asian business sector
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The decision by chancellor Alistair Darling to impose new tax restrictions upon non-domiciled residents within the UK has prompted a warning from the British arm of The Indus Entrepreneurs (TIE).
Using an open letter in today's Financial Times, the organisation has cautioned that the chancellor's new proposals will result in the undermining of the UK's current level of attractiveness from within the Indian subcontinent.
Presently, the UK is an attractive location for entrepreneurs and investors from both Pakistan and India. "This is crucial if we are to continue to attract talent and substantial inward investment," said the letter. "And it is important that those who leave and those that remain retain a friendship and affinity towards the UK."
Under the chancellor's new plans, after seven years of residence in the UK, non-domiciled individuals would face a charge of £30,000. Established in 1992, TIE operates on a not-for-profit basis.