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| Version 0 | Version 1 |
|---|---|
| Minister says tax plans hurt City | Minister says tax plans hurt City |
| (20 minutes later) | |
| The Trade and Industry Minister Lord Jones said London's top role in the global finance could be damaged by plans to tax wealthy foreigners. | The Trade and Industry Minister Lord Jones said London's top role in the global finance could be damaged by plans to tax wealthy foreigners. |
| Lord Jones says the proposals will make it harder to attract top investors and business people to London. | Lord Jones says the proposals will make it harder to attract top investors and business people to London. |
| The Treasury plans to charge foreigners who have claimed tax-exempt status on their overseas earnings for more than seven years, £30,000 ($58,400) a year. | The Treasury plans to charge foreigners who have claimed tax-exempt status on their overseas earnings for more than seven years, £30,000 ($58,400) a year. |
| Lord Jones says he has already been asked about the plans on trips abroad. | Lord Jones says he has already been asked about the plans on trips abroad. |
| Loopholes closed | Loopholes closed |
| "It has caused people to say 'Does this mean you don't want us?'," Lord Jones said in an interview with the Financial Times newspaper. | |
| The proposals are very unpopular in the City of London, where it is feared that wealthy overseas investors might locate elsewhere. | The proposals are very unpopular in the City of London, where it is feared that wealthy overseas investors might locate elsewhere. |
| The Treasury estimates that its plan would cause around 3,000 non-domiciled residents to leave, and would raise £800m in extra tax. | The Treasury estimates that its plan would cause around 3,000 non-domiciled residents to leave, and would raise £800m in extra tax. |
| The government has already closed tax loopholes that allowed UK investors to hold funds offshore. | The government has already closed tax loopholes that allowed UK investors to hold funds offshore. |
| A recent poll of advisers to wealthy clients showed that half of them were considering leaving the UK in response to the tax crackdown. | A recent poll of advisers to wealthy clients showed that half of them were considering leaving the UK in response to the tax crackdown. |