Changes to rules on residence and domicile tax, part of the 2008 Finance Bill, may have damaged the UK's international competitiveness, according to the House of Lords Committee on the Finance Bill.
It has called on the Treasury to publish its economic analysis, which makes a more optimistic assessment of UK competitiveness than the private sector. The Committee says there was inadequate consultation on the impact of changes to residence tax, domicile tax and capital gains tax. In its report on the Finance Bill, the Committee says: “[We] are particularly concerned by the weight of evidence that the proposals on residence and domicile seem likely to have a negative impact on the UK's competitiveness and think it is vital that all that is possible is done to retrieve the position. “T...
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