UK Budget: Finance breathes sigh of relief

Thursday 13th March 2008, 12:00AM GMT.

FEARS that Jersey’s finance industry would be heavily hit by the UK Budget proposals were yesterday put to rest.

Chancellor Alistair Darling had proposed new measures to tax the wealthy, in particular ‘non-doms’ – people living in the UK, but registered in another country for tax purposes. But the 500-page budget document indicates that Mr Darling has listened to the protests from businesses and softened his tactics.

John Shenton, tax partner at Ernst & Young, said the message was ‘generally much better than expected’.

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