Non-doms: HMRC clarifies its intentions

My view that the risks of a counter-productive exodus of non-doms are greatly exaggerated is not shared by my friends in finance. They know because they know or employ people who are planning to leave. My view is purely economic, based on objective assessment of impacts (as a function of categories or people, the size and balance of income sources and how they are taxed back home). Apparently this misses the point: we have scared and upset them and we can’t put the genie back in the bottle. If true, I have to revise my assumption the people most affected, in finance and business services in London, are brainy, rational, wealth-maximising people, as implied by their great earnings power and economic indispensability.

The Laffer Curve and the taxation of non-doms

In a week that saw outbursts at the idea of Shariah law operating in parallel to English law, it was ironic to see similar outbursts at the draft legislation (promised in the pre-budget report) to change the parallel laws already governing the taxation of people resident in the UK but with non-UK domicile or country of origin (so-called ‘non-doms’).

Outsourcing investment management: multi-manager vs discretionary management

12th March 2008
UK Retail Fund Distribution Conference
11.15am, Central London
Stuart Fowler, Panel member
Stuart has been asked to participate in a panel discussion on the outsourcing of investment management, debating the suitability of multimanager vs discretionary management. The panel will consider:

What does the advisor get from a discretionary management service vs multi manager proposition?
Do multi manager portfolios deliver better results?
How [...]

Is your adviser advising or selling?

Consumers’ inability to answer this question, though often their own fault for not even realising why the question matters, lies behind much of their poor experience of dealing with the UK financial service industry. Speaking at the Institute of Economic Affairs, FSA Director Stephen Bland said last month that its Retail Distribution Review consultation has thrown up a consensus around a clearer distinction between selling and advising.