Expat British bankers in the Middle East or Singapore could now be exposed to full UK taxes

If you're a British national who left the UK to escape high taxation, who now works in a low tax jurisdiction like the UAE or Singapore, and who returns to London for occasional meetings, this is not good news.

As of yesterday, a new UK Finance Bill says that anyone working more than 10 (non-consecutive) days a year in the UK could be liable to have their entire income subject to British tax.

Previously, it was possible to spend up to 91 days in the country before being considered a resident for tax purposes. Now 10 working days will potentially have the same effect.

Sean Drury, international mobility partner at PwC, says the change is "ludicrous."

"If you're coming from somewhere like the UAE, you'll be paying zero tax. If you're coming in from Singapore, the highest marginal rate is 20%. Now, if you come in to brief management or attend the odd meeting here or there, your full income could be taxed at 50%."

Needless to say, this can have only one outcome: international meetings won't be held in London any more. Another chunk just dropped off the financial edifice that is the City.