The great tax debate

What's Europe's biggest tax haven? Monaco, perhaps? Andorra? No, it is the UK. Under an obscure pie...

What's Europe's biggest tax haven? Monaco, perhaps? Andorra? No, it is the UK. Under an obscure piece of British tax legislation, anyone living in the UK but not born there can opt for 'non-domiciled' tax status. That means billionaires such as Indian-born Lakshmi Mittal need only pay tax on the small amount of money they bring into the country every year, not on their worldwide earnings. In effect, that has made London a tax haven for everyone, from Russian oil tycoons to international investment bankers. Now that's coming under increasing attack and presenting a tricky political problem...