Get Ahead of the Game in the Tax Race
07 March 2008Le Temps
For many years the United Kingdom has been one of the most effective onshore tax havens in the world for high net worth individuals. While the EU has been attacking Switzerland and other countries for supposedly harmful tax competition, it has been possible for a foreign billionaire to reside in London and pay no income tax at all. Given this kind of incentive, it is no surprise that London’s prime residential areas have become enclaves of the foreign super-rich. Yet as a result of recent changes announced by UK Chancellor of the Exchequer, Alistair Darling, the days of tax exile in the UK are numbered.