The changes in tax policy regarding non-domiciled individuals have led to an increasing number of wealthy individuals relocating to countries like UAE, Italy, and Switzerland. A recent investigation indicates that nearly a third of these clients plan to leave, resulting in a projected loss of 16,500 millionaires and $92 billion in investable assets. Concern arises from those contemplating departure, highlighting the threat of further economic damage if more non-doms choose to leave the UK. Treasury is considering adjustments to tax policies, particularly inheritance tax, to mitigate capital flight.
Nearly a third of non-dom clients are now decamping to UAE, Italy, or Switzerland, leading to an estimated loss of 16,500 millionaires and $92 billion in investable assets.
The real economic damage may not stem from those already departed but from those still considering leaving, triggered by potential tax reforms and current market conditions.
Treasury is exploring tweaks to tax policies to make them less punitive, indicating a potential softening in the approach to non-dom tax liabilities.
Non-dom individuals contribute significantly to the UK economy, not just through taxes but also as major investors, employers, and philanthropists.
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