The number of foreigners living in the U.K. who can shelter overseas earnings from U.K. taxes fell 16 percent since the government required them to pay a levy of 30,000 pounds ($47,500) annually if they have been living here for more than seven years, the Financial Times reported.

The number fell to 118,000 in 2009-2010, the newspaper reported, citing data obtained by the Scottish commercial law firm McGrigors LLP.

To contact the reporter on this story: Gavin Finch in London at gfinch@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net