‘I’m still going to leave’: Reeves’ non-dom concession is not enough for London’s super rich January 27, 2025 Amid an exodus of the country’s millionaires and billionaires, the government is revisiting its reforms to the non-dom regime. But the recent changes floated by the Chancellor have been given short shrift by non-doms and their advisers. Ali Lyon explores what might actually stem the departures of the UK’s wealthy foreigners. In the clandestine and [...]
Reeves to water down non-dom changes as scale of exodus revealed January 23, 2025 Rachel Reeves has confirmed she will alter some of the more controversial non-dom reforms announced in the Autumn Budget. Speaking at the World Economic Forum in Davos, the Chancellor committed to tabling an amendment to the Finance Bill removing some of the most contentious elements of its changes to non-dom taxation. Answering a question from [...]
Non-doms: South Africa’s richest woman is fighting to stay in the UK November 18, 2024 When it comes to leaving countries in a hurry, Magda Wierzycka has plenty of experience. At just 12 years old, the South African entrepreneur and her parents fled their native Poland under the the cover of night, becoming refugees after its communist government declared martial law. Ending up in South Africa – via an Austrian [...]
Scrapping non-dom regime branded ‘monumentally stupid’ by tax advisors November 1, 2024 Several leading tax and wealth advisors have told CityAM that scrapping the non-dom regime without a suitable replacement is a “monumentally stupid decision” that has already prompted some non-doms to leave. One of the key measures introduced in Wednesday’s budget was abolishing the non-dom status, a regime that allowed certain tax breaks for people [...]
Autumn Budget 2024: Labour abolishes non-dom tax status October 30, 2024 The Labour government has confirmed plans to scrap the non-dom regime despite a last ditch effort from the community and its advisors to warn against the move. As part of the Budget, Rachel Reeves confirmed she would fulfil the promise made in Labour’s manifesto to remove the tax status, in a move that one advisor [...]
Why wealth taxes always fail October 29, 2024 Almost every country that has tried imposing wealth taxes has later abolished them, with good reason says John O’Connell Rachel Reeves’ problem tomorrow is a simple one to describe, if not a simple one to solve. How does she raise the revenue needed to fund the spending binges of her colleagues, without raising taxes on [...]
Inside UK non-doms’ battle for survival October 26, 2024 Had a passer-by inadvertently walked into Foreign Investors for Britain’s inaugural press conference earlier this month, they would have been forgiven for thinking they’d encountered an incongruous group therapy session. At one stage, an eastern European property tycoon asked the room: “Why am I suddenly being treated like a tax cheater? I’m being painted out [...]
Non-dom lobby group to meet Business and Trade officials as Budget looms October 23, 2024 A newly formed non-dom lobby group is scrambling to arrange a crunch meeting with the new Minister for Investment, or her officials, as it seeks to make its case against the government’s plans to scrap the favourable tax status. CityAM understands that Foreign Investors for Britain (FIFB) has been in contact with the newly appointed [...]
Premier League: Non-dom tax changes could be ‘own goal’ for No11 October 22, 2024 The Premier League could face an exodus of high-profile players if the government continues plans to eliminate the non-dom tax status in the upcoming Budget, experts have warned. Changes to the way tax is paid on overseas earnings could prove “an own goal” if they cause players to leave the English top flight when they [...]
Non-dom exodus could cost UK 23,000 jobs, disputed report claims October 18, 2024 Scrapping the non-dom tax regime could cost the UK £6.5bn and 23,000 jobs in the next ten years, a think tank has claimed in a report whose findings were questioned by leading academics. The study, published by free market think tank the Adam Smith Institute (ASI), suggests that abolishing the special status for wealthy foreigners [...]