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The UK government’s plan to scrap the “non-dom” tax status—a policy that allowed wealthy foreign residents to avoid taxes on overseas income—was designed to close a loophole and raise billions of pounds in tax revenue. However, according to a new study from the Centre for Economics and Business Research, it might end up costing the economy more than it brings in if just one in four of the 74,000 people affected chooses to leave the country.
In this week’s episode of In the City, hosts Allegra Stratton and Francine Lacqua sit down with Nimesh Shah, chief executive of Blick Rothenberg, to unpack what’s at stake. “A number of jurisdictions have popped up, which are offering very attractive tax incentives and holidays,” says Shah of other destinations the super rich could decamp for. “The tax is definitely turning a lot of heads for people to consider those locations.”
We also dive into how the policy could affect the UK’s growth agenda, its potential ripple effects on inheritance tax and whether fears of a mass “non-dom” exodus are overblown.
