High-flying
executives may shun the UK if plans to close a tax loophole for overseas
millionaires go ahead, City workers have warned.
The
Financial Times reports it is feared clamping down on those claiming
non-domicile status to pay little or no tax could make it harder to recruit
senior staff.
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The
Inland Revenue has started work on closing the loophole, but stressed this is
still at an early stage.
Two
attempts to change the law in the past 20 years have failed after it was judged
that closing the loophole would make little change to revenue gathered.
