UK to Soften Tax rules for Wealthy Foreigners after Millionaire Exodus, Rachel Reves Says

The UK will soften some plans changes to its controversial non-dom tax rules following Concerns of a Millionaire Exodus, the treasury has confirmed.

Britain’s 200-YLD NON-DOM Regime Permits People Living in the UK, but who are domiciled elsewhere for tax purpos, to avoid paying levies on income and capital gains Earnings Earnings Earnings Overse for 15 yes. The regime has long coursy, Leading Uk Finance Minister Rachel Reeves in Her October Budget To confirm that it would be abolished from april 2025, and that all long-term Residents would be subject to inheritance tax (IHT) on their worldwide assets, Including in Trust.

Speaking at a fringe Event at the World Economic Forum in Davos, Reeves Said the government y to the uk without paying significant taxes .

“We have been listening to the concerns that have been raised by the non-dom communication,” reeves told the wall street journey jeournal’s emma tucker when about Recents of Recented about Recentra.

“In the finance bill, we will be Tableing an amendment which makes more generated the temporary repatriation facility, which enables non-doms to brings to bring money into the uk without paying significant taxes,”

Reeves on Thursday also sought to ressure Wealthy Overseas Investors That The Changes would not affect double-taxation agrements agrements help

“There’s been some Concerns from Countries that have Double Taxation Conventions with the UK, Including India, that they would be drawn in to be paying inheritance tax. Ouble Taxation Conventions, ” She said.

In a statement to cnbc confirming the plans, a treasury speakesperson said the tweaks were designed to motivate non-doms “to brings their funds to the uk, encouragete them to reduce and invest this money here.”

“While we do not expect these changes to impact Ced at Budget Operate as Intended, “The Statement Added .

The government’s October clampdown on non-doms formed part of wider measures aimed at the upper echelons, with new Levies Placed on Private Equity Bosses, Private Scholes, SCOLS, SECOOLS, SECOOLS, SECON HOMES and Privete Jet

Critics warned at the time that the movies would spark a mass exit of ultra wealthy individuals -Many of whom, they said, would be key contributors to the government’s pro-also pro-also.

An Estimated 10,800 Millionaires left the uk last year, acting to updated Figures from Global Analytics Firm New World Wealth and Investment Migration Advisers Henley & Partners, A 157% Increase On 2023.

“Most Eligible HNW Taxpayers will Wish to make full use of the temporary repatriation facility (trf) and will good the news that the scheme is to be made more attractive,”

James Austen, Tax Partner at Coloster Bristow, said that the amendment signals .

“The government’s proposed amendment to the finance bill is not a significant change to its plans, and many of the concerns about the new regyve, particular in relationship and IHT, IHT, Remain. Ial ‘ For most non-doms, “He said by email.

“The TRF is welcome news to the non-dom communication still in the uk who may now stay a white a while longer, Although this may only delay but not prevent their plans to leave, and for anothers itrs it may be bey bey bee Matthew Braitwaite, Head of Wedlake Bell’s Private Client offshore team.