WSJ: New Tax Rules Unlikely to Cause Exodus of "Non-Doms"

Interesting article in today's Wall Street Journal:  Exodus Unlikely in U.K. Tax Shift; new Rules Close Loopholes on Froeigners Living There, by Jeanne Whalen & Alistair MacDonald:

The United Kingdom's new rules for taxing foreigners are causing some trepidation and confusion among expatriates here but don't appear likely to trigger an exodus of bankers and others from the country.

Foreigners are working to figure out their potential tax bills after the U.K. government finalized rules this week to close loopholes for people who live in the U.K. but claim their true home is elsewhere -- so-called nondomiciles, or "non-doms." The rules, which take effect in April, have raised concerns that London could lose its status as a global financial center and a magnet for wealthy foreigners.

Judging from the initial reaction of people affected by the rules, which are a watered-down version of earlier proposals, the impact likely will be muted. While some hedge funds and private-equity firms might think twice about setting up shop in London, many people already established in London say they don't see the changes as a reason to pick up and leave.