So non-dom-owned businesses now have access to cheaper capital in the UK than those owned by domiciled people, putting local people at an inherent disadvantage.
The price of capital is the return you have to give in order to get it. That price is of course affected by the taxes that have to be aid on that return. This is why the more open an economy the more taxes supposedly upon capital actually fall upon the workers.
But I can\’t make head nor tail of his assertion after that: that non-doms get to invest in the UK upon preferential terms. They don\’t at all. They must pay exactly the same taxes on UK sourced income as UK doms and UK residents. Thus the returns they get from capital will be the same as anyone elses\’ and the prices they demand for their capital will thus be the same.
So, err, what\’s he talking bout?