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The chief executive of the largest Canadian bank warns the UK government against introducing a new treasure tax, saying that it can compound the exodus from the country after the abolition of the Non-Dom regime.
Dave McKay, the Royal Bank of Canada’s boss, with many business management businesses in the UK, which increasing tax tax to “100 percent” to disappear “.
“If you put a 2 percent of the asset tax, which is moved, that’s a lot. People seek other markets,” McKay is in a monetary interview.
His comments came after the descent last week refused to rule people rich in public views that followed government reforms.
RBC executive, who buys a manager at the UK Brewin Dolphin in 2022 and has new British taxes to attract a new UK effort. His comments come as reeves this week to be set Plan to reduce regulation in business to develop economic growth.
“You can’t make calming the capital distance …
McKay added that the restricts of the reeves of non-dom taxable rules “causing exit”.
The Labor administration this year suffered the Non-Dom regime that allowed British residents who proclaimed their permanent home unpaid taxes outside of foreigners and captures.
Under the changes, non-dom UK also can also see their worldwide properties subject to UK tax on 40 percent.
“There is a number of clients who do not want to leave – who are good contributions here in society – but they have to leave because of the tax burglary,” McKay said. “Forget treasure taxes, this is non-dom.”
McKay, who is running RBC Since 2014, the Canadian bank also has seen a “great value of client activity and revision” from US investments Donald Trumps at April.
He said it represents an opportunity for the UK to attract foreign capital, but increases that the Labor Government has threatened this opportunity to some policy options.
“You see Americans want to vary and move their belongings (in the UK), but at the same time it has gained more capital from the US.”
Despite his concerns regarding non-dom tax tax, McKay says UK remains an attractive market for RBC. “Overall, demographics are correct. It is not the largest growth market, but it is a healthy market for us. Has healing.”
