"Having built a company worth around 70 million pounds ($92m) that he plans to sell soon, John wants to avoid a hefty capital gains tax bill. As his children are in university, upping sticks is possible. He hopes to take advantage of the Republic of Ireland's non-domiciled, or non-dom, tax regime, which would exempt him from Irish taxes as well."
"John is not alone. The footballer Rio Ferdinand has recently moved to Dubai, citing tax as a push factor, while Egyptian billionaire and Aston Villa co-owner Nassef Sawiris, who moved his residency to Italy and the United Arab Emirates from Britain, told the Financial Times earlier this year that everyone in his circle is considering moving. Herman Narula, the 37-year-old British Indian founder of Improbable, a tech company, announced this month that he is fleeing to Dubai."
Several wealthy individuals and entrepreneurs are preparing to leave the United Kingdom amid expectations of higher taxes and policy unpredictability under the Labour government. A British businessman who built a company worth about 70 million pounds plans to sell and aims to relocate to Dublin ahead of the November 26 budget to avoid a large capital gains tax bill. He can move because his children are at university. A wealth adviser has been arranging a rapid departure and asset transfers. High-profile figures have moved residency or announced relocations to Dubai, Italy and the UAE, citing tax concerns and fears of an exit tax. Reported plans for an exit tax appear to have been dropped, but many still view the business climate as unpredictable.
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]