Wealthy non-doms are rushing to leave the UK before April thanks to Reeves’ new measures, say tax advisers. Taking their £118 million of investment each with them…
Lawyer Philip Munro from Withers says the budget has “crystallised” decisions to leave after Reeves confirmed the 15-year-old regime will be scrapped, instead imposing IHT on people’s UK assets for their first 10 years of residence. Leaving a huge hole in the Treasury’s coffers as non-doms head for the exit…
The Treasury hopes to rake in £12.7 billion over five years from the changes – a figure the OBR flagged as “highly uncertain” – and now Alexandra Britton-Davis, partner at accountancy firm Saffery, has warned the exodus coming will create a major dent in the government’s projected gains. In September, 63% of non-doms said they’re planning on leaving within two years, and now they’ve started packing their bags. HMRC raked in £9 billion from the UK’s 74,000 non-doms last year. So long to that revenue…
Speaking at his speech on how to achieve “progressive capitalism” Wes Streeting fired a dig and Andy Burnham:
“Bond markets are not bond villains and fiscal rules matter.”