News

Dermot Smurfit, of the Smurfit paperboard dynasty, could leave the UK if the government brings in tax changes for non-domiciles.

Smurfit told The Daily Telegraph this morning (12 February) that he would consider moving to Monte Carlo or Switzerland if the Treasury brought in a £30,000-a-year tax on overseas residents who have lived in the UK for seven out of the past 10 years, as well as making changes to taxing offshore trusts for non-domiciles.

Non-domiciles, or "non-doms", are people who come to live in the UK from abroad but regard the overseas country as their home. Such people can currently avoid tax on assets held overseas.

Smurfit, who has a share in a family fortune estimated to be worth almost £500m, part of which came from the sale of Jefferson Smurfit to private equity in 2002, is currently chairman of Finnish containerboard producer Powerflute.

He has lived in the UK as a non-dom for 20 years, but might consider leaving.

Smurfit said he had contributed "huge" amounts to the country and paid "significant" taxes of about £150,000 a year.