UK Chancellor Gordon Brown has no intention of removing a 'loophole' which allows several of the richest men and women to avoid paying tax here on the majority of their earnings any time soon, according to a report in Friday's Evening Standard.
Having come to power pledging to tax resident but 'non-domiciled' high net worth individuals - such as Indian steel magnate, Lakshmi Mittal, Harrods owner, Mohammed Al Fayed, and financier, Christopher Ondaatje - Gordon Brown was widely expected to make an announcement in Wednesday's pre-budget report.
However, quoting unnamed senior Whitehall sources, the online version of the London-based newspaper revealed that there are no immediate plans to address the issue. 'The most the Chancellor might do was to promise consultation for the future', according to the news service.
It has been suggested that Mr Brown is reluctant to act on this matter in the current weakened economic climate, as to do so would spark a stampede of Britain's super-wealthy foreign residents to other, more tax-friendly locations.
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