Weird, just plain weird:
The Greeks are abandoning ship. Or, more precisely, they are abandoning the UK and taking their ships with them. According to the Financial Times, the Greek shipping industry is preparing to desert London in response to the planned tax "crackdown" on non-domicilied foreigners living in the UK.
About 100 Greek family-owned shipping companies run businesses from London. They are estimated to contribute about £5.12bn a year to the UK financial industry. There\’s nothing like a little redistribution to send the wealth-soaked scuttling.
She seems tobe glorying inhte fact that the people with money are leaving. Eh?
Under Darling\’s draft proposals, non-doms will pay a 40% tax on items bought with an overseas income, such as paintings, brought into the UK. In addition, non-dom families with offshore trusts – honey tax havens for decades – will now not be able to get anything out of the trust without paying UK tax, regardless of where the funds are going. And this could be made retrospective, going back to 1998.
Nobody knows now much the Treasury may make out of the changes if they go through. But what is absolutely certain is that the flood of scare stories about the flight of capital (over £2bn according to the Society of Trust and Estate Practitioners); the brain drain; a Greek exodus; the exit of Russian oligarchs, gangsters and soiree keepers and the general collapse of the British economy will be in abundant supply.
For once, let\’s hope Labour keeps its nerve. For once, let\’s hope it calls the bluff of the rich and apparently nomadic to whom tax breaks matter more than roots and personal connections.
It\’s better that we have higher tax rates but collect less tax? What has this woman been smoking?