New tax rules will drive us out of London, say big City firms
By Tim Webb and Jason Nisse
Big City firms - including Goldman Sachs and Morgan Stanley - are understood to be threatening the Treasury that they will scale back their London operations in a row about the tax paid by employees from abroad.
HM Revenue & Customs has moved to outlaw the use of dual contracts for those staff from overseas who also spend large parts of the year working outside the UK. This is part of a long-standing review of the rules covering so called "non-domiciled" residents, who live and work in Britain but pay a fraction of UK taxes.
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