Nathan Hall, investment management tax partner at KPMG, comments on the Chancellor’s Budget changes to non-doms.
“The non-dom changes will affect the investment management sector given the international profile of managers and business owners in the UK.
“The impact of the corporation tax and dividend tax changes also needs to be assessed. Based on what happened when the 50% tax rate was introduced we don’t expect significant movement of people - broader factors such as access to talent and networks make the UK an attractive place to do business.
“Close attention will need to be paid to the detail of these changes.”
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Simon Chan, KPMG Corporate Communications
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.