Rule changes will trigger a non-dom gotterdammerung

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LONDON, ENGLAND – JULY 9: UK Chancellor of the Exchequer Rachel Reeves (C) laughs next to her special adviser Neil Amin-Smith (L) after Britain’s Climate Change and Net Zero Secretary Ed Miliband (R) ...

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A staggering 83 per cent of non-doms surveyed indicated that global IHT on their overseas assets is a major reason they would leave the UK. These are not idle threats; these investors have options and can easily relocate to more welcoming jurisdictions. This is their redline issue.Beyond the immediate loss of tax revenue, the broader economic impact could be servere. The 72 non-doms surveyed in the Oxford Economics report have each invested an average of 118m into the UK economy. If these investors pull out, the consequences will ripple through industries, from real estate to tech start-ups, leaving a void that will be hard to fill, while losing their contributions to philanthropy, charities or areas such as medical resear","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0106831901.USD":"贝莱德世界金融基金A2","BK4232":"货物陆运","BK4218":"酒店及度假村房地产信托","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","IHT":"InnSuites Hospitality Trust","BK4107":"财产与意外伤害保险","LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4566":"资本集团","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","BK4181":"酒店及度假村房地产投资信托","BK4588":"碎股","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","L":"洛斯公司","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","BK4207":"综合性银行","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4022":"陆运","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC","BK4504":"桥水持仓","R":"瑞德系统","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD"},"translate_title":"规则更改将触发非dom gotterdammerung","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"R":1,"L":1,"IHT":1},"content_text":"LONDON, ENGLAND – JULY 9: UK Chancellor of the Exchequer Rachel Reeves (C) laughs next to her special adviser Neil Amin-Smith (L) after Britain’s Climate Change and Net Zero Secretary Ed Miliband (R) made a joke about the long wait to have a woman chancellor during a meeting of the National Wealth Fund Taskforce at 11 Downing Street on July 9, 2024 in London, England. The National Wealth Fund Taskforce revealed plans behind the new national wealth fund set up to catalyse private sector investment in new and in-growing industries. (Photo by Justin Tallis – WPA Pool/Getty Images) Inheritance tax for non-doms poses a real risk of capital flight that could drive away jobs and risk public spending commitments, says Leslie MacLeod-MillerThe UK is on the brink of economic self-sabotage. Proposed changes to the non-domicile (non-dom) tax regime could trigger a mass exodus of investors, taking jobs and tax revenue with them. As the government pushes forward with these rushed reforms, it risks downgrading the UK from a global investment hub and undermining its own mission to have the highest growth in the G7.For decades, the UK’s favourable non-dom tax regime has been a cornerstone of its appeal to international investors. These individuals bring not just capital, but jobs, innovation and growth. Many recognise it is in need of modernisation. However, the government’s proposed changes are poised to dismantle its carefully crafted advantage, driving away investors who have collectively injected billions into the economy, finding refuge in more competitive tax environments such as Italy and Switzerland. In 100 days, the government’s plans threaten to capsize a regime which has taken 100 years to build.New analysis from Oxford Economics, commissioned by Foreign Investors for Britain, starkly warns that these reforms will backfire. Instead of raising the hoped-for tax revenue, the UK could face a £1bn shortfall by 2029/30. This isn’t just about numbers on a spreadsheet — it’s about the real risk of capital flight that could undermine the UK’s economic engine, drive away jobs and risk key public spending commitments. \n\nEconomic self-sabotageThe proposed changes to inheritance tax (IHT) for non-doms coming to the UK are particularly alarming. A staggering 83 per cent of non-doms surveyed indicated that global IHT on their overseas assets is a major reason they would leave the UK. These are not idle threats; these investors have options and can easily relocate to more welcoming jurisdictions. This is their redline issue.Beyond the immediate loss of tax revenue, the broader economic impact could be servere. The 72 non-doms surveyed in the Oxford Economics report have each invested an average of £118m into the UK economy. If these investors pull out, the consequences will ripple through industries, from real estate to tech start-ups, leaving a void that will be hard to fill, while losing their contributions to philanthropy, charities or areas such as medical research will suffer.Foreign Investors for Britain proposes a more balanced approach — introducing a tiered tax regime (TTR) that offers fairness and predictability. By scaling tax contributions based on net wealth and providing exemptions on non-UK assets, the UK can retain its competitive edge while ensuring that high-net-worth individuals contribute their fair share.The government’s non-dom tax reform is a misguided attempt at generating revenue that will instead drive wealth and opportunity out of the UK. Now is the time for a rethink. By adopting a more nuanced, tiered approach, the UK can safeguard its status as a premier global investment destination and ensure continued prosperity for all.\n\nIt’s imperative that policy makers listen to the warnings from investors and economists alike. The UK cannot afford to gamble with its economic future — there is simply too much at stake.Leslie MacLeod-Miller is chief executive of Foreign Investors for Britain","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2466356881"}