Aston Villa’s non-dom owner quit UK due to ‘Tory incompetence’
The non-dom co-owner of Aston Villa football club has blamed the Conservative party’s mismanagement of the economy for his decision to leave the UK earlier this year.
Nassef Sawiris, a chemicals magnate who is Egypt’s richest man, became one of the most high profile ultra high net worth individuals to avoid the government’s crackdown on non-dom regime users when it emerged in March he had swapped Britain for Italy.
Many interpreted the move as an attempt to avoid the changes announced in last year’s Autumn Budget, when Chancellor Rachel Reeves confirmed plans to abolish the non-dom status and toughen the treatment of foreign trusts.z
But in an interview on Monday, Sawiris pinned the blame on the old governing party, the Conservatives, telling the Financial Times: “You can’t blame Labour. This was all in the making for 10 years of incompetence by the most left-leaning Conservative party in history.”
The changes to the non-dom regime announced by Reeves in October had already been promised by Tory Chancellor Jeremy Hunt in the previous Spring Budget. The changes have sparked a protracted backlash from the non-dom community, with a slew of wealthy foreigners and their advisers warning an exodus from the UK was afoot.
Several high-profile ‘non-doms’ have relocated away from the UK since the Autumn, including steel tycoon Lakshmi Mittal, the Ab InBev SA scion Frederic de Mevius and Sawiris.
But the Egyptian billionaire, who is worth a reported $8.7bn (£6.6bn), refused to pin the blame on the Chancellor, saying instead he felt sorry for her unenviable fiscal position.
“I feel bad for her,” he said. “She’s behaving like Margaret Thatcher on fiscal discipline. Otherwise, the UK would have had a seven per cent interest rate.”
Sawiris, whose family office is based in the UAE, also warned Reeves against announcing any further tax clampdowns on the rich, saying their tax contributions were essential for welfare, health and education services to function.
He told the Financial Times: “High net worth or wealthy entrepreneurs have options. She should treat them like they are her best clients.
“I don’t know any person in my circle who is not moving this April, or next April if [their children] have a school year or something like that.”
The Conservative party did not immediately respond to a request for comment.