Bullet points of Britain's ultra-wealthy are threatening to exit en masse ahead of proposed tax changes
Bullet points of Britain's ultra-wealthy are threatening to exit en masse ahead of proposed tax changes
- The UK's non-dom tax regime is a 200-year-old rule that allows individuals to avoid paying tax on income and capital gains earned overseas.
- The Labour government has proposed abolishing the regime, which could lead to a mass exodus of wealthy investors.
- Almost two-thirds of wealthy investors plan to leave the UK within two years if the regime is abolished.
- Other countries, such as Monaco, Italy, and Switzerland, are actively promoting their jurisdictions to attract wealthy investors.
- The UK's prime real estate market is expected to be impacted by the proposed changes, with transactions in the super-prime residential market falling 22% in the year to July.
- The UK's non-dom tax regime is a 200-year-old rule that allows individuals to avoid paying tax on income and capital gains earned overseas.
- The Labour government has proposed abolishing the regime, which could lead to a mass exodus of wealthy investors.
- Almost two-thirds of wealthy investors plan to leave the UK within two years if the regime is abolished.
- Other countries, such as Monaco, Italy, and Switzerland, are actively promoting their jurisdictions to attract wealthy investors.
- The UK's prime real estate market is expected to be impacted by the proposed changes, with transactions in the super-prime residential market falling 22% in the year to July.