Word: britain
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...included Switzerland, the Cayman Islands, Jersey, the Bahamas and several other countries where the rich stash their money beyond the reach of grabby governments back home. But there was one surprising new entry on the list: the United Kingdom. The IMF was merely recognizing what wealthy foreigners in Britain have known for years. While British citizens shoulder taxes of up to 40%, residents who weren't born there can take advantage of the nondomicile - or nondom - rule, which means they're only taxed on income made in or brought into the country. With most of their cash safely tucked away...
...keep his hands off their non-British assets. Anyone unwilling to stump up that fee will have to pay taxes like everyone else. While the superrich may grit their teeth and accept the $60,000 bill as a minor irritation, it's expected that a significant number of Britain's nondoms won't pay it, and will thus be forced to join the general tax pool. Or they'll leave...
...fair share." Raising taxes for those who can't vote might be a canny political move, but economically it may backfire. The Treasury reckons some 3,000 registered nondoms - out of a total of 115,000 - will pull up stakes when the new rule kicks in on April 6. Britain's wealth managers are more pessimistic, predicting that nondoms will leave in droves, taking billions out of the economy and affecting everything from property prices to spending on luxury goods. The annual fee isn't official yet, and won't be until after Feb. 28 - the final...
...hide his trades from them. More than $1 billion in the hole, and with no hope of digging his way out, he skipped off to a Malaysia beach resort with his wife to sip umbrella drinks for a few days before their world caved in. A week later Britain's oldest merchant bank, which had helped finance the Napoleonic wars and the Louisiana Purchase, was done. Leeson was sentenced to 6 1/2 years - though he served just 4 1/2 - in a Singapore prison for fraud...
...ethnic clashes have certainly exposed deep grievances over land and other resources. Much of the worst violence has occurred in the Rift Valley, where land ownership has always been politically sensitive. In the colonial era, the region's fertile farmland was reserved for British settlers. Britain sold it off to the newly independent government, which in turn parceled it out to members of the Kikuyu tribe, setting off a pattern of ethnic conflict in the Rift Valley that has persisted for much of Kenya's independent history. Many Kalenjins and others who had once lived there believed - rightly or wrongly...