Panama lost the business this week of a back-from-the-dead British canoeist and his wife. But the central American tax haven may draw comfort from a UK clampdown that could drive more wealthy foreigners its way. Plans to tighten the preferential tax rules for these people have sparked fears of an exodus of the super-rich. Some will certainly leave. But the risks to the economy are overstated. The result could be a fairer tax system.

Under the proposals, foreign citizens based in the UK who are exempt from tax on their offshore income – called non-doms – will face an annual charge of £30,000 once they have lived in Britain for seven years. For many of these people, the fee is a small price to pay. Concern instead centres on a separate loophole the Treasury wants to close. That will make non-doms liable for capital gains tax on offshore assets.