UK tax reforms 'a threat to London'

Date: 20th June 2008

Leaders in business have issued a warning in relation to tax reforms concerning non-domiciled individuals, it has emerged.

According to a report by the Press Association, the findings of a survey have revealed that a majority - 80 per cent - are of the opinion that the charge of £30,000 for the privilege of a tax status of 'non-domiciled' has been bad for the reputation of the UK.

Indeed, business leaders have warned that the taxation reforms could negatively affect the international competitiveness of Britain's capital city.

"This report clearly shows that businesses in London are feeling the impact of the downturn in the economy," said Reid Richard, the chairman of KPMG London, an organisation with a history going back to 1987.

"At the top of the list is turning the right transport improvements into reality. This means delivering on promises, prioritising and managing projects effectively."

Dubbed the London Business Survey, its results are based upon the responses of 118 senior-level executives.