There was a guarded welcome for the latest concessions made by Alistair Darling on his proposals for a tax crackdown on wealthy foreigners, but warnings that the annual charge of £30,000 after seven years in the UK could still damage London’s role as an international financial centre.

Asian non-doms said they welcomed changes on the approach to offshore trusts and the structuring of the £30,000 charge to qualify for double taxation relief, avoiding paying tax twice on the same income or gains. The exclusion of children from the charge was also a demand of The Indus Entrepreneurs (TiE), which represents more than 1,000 entrepreneurs and investors from India and Pakistan.