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News

UK’s Ultra-Rich Non-Doms Urge Italian-Style Tax Regime to Prevent Wealth Exodus

High End Porsche 911 Carrrera GTS Car Parked OutSide The Chanel Store on Bond Street on 16th October 2023 in London, United Kingdom.

Mike Kemp | In pictures | Getty Images

London-Britain’s Ultra-Rich Non-Doms are urging the government to introduce an italian-style flat-tax regime to prevent a Wealth Exodusas their preferentiial status come under threat in the upcoming budget.

Foreign Investors For Britain, A Lobby Group Comprised of Non-Doms and Their Advisers, AlongSide Think Tank Oxford Economics Have Proposed a Tiered Tax Regime (TTR) Nual fee in exchange for except from Inheritance Tax (IHT) On Non-Uk Assets and UK Tax on Overseas Income and Gains for up to 15 years.

Such Fees would be levied according to an individual’s net wealth, with proposed annual charges ranging from £ 200,000 ($ 260,447) for that above up to 100 million, and Annual Charge of Annual Charge of Annual Charge of £ 2 Million for £ 500 Million. That Diffeers from italy’s regime, which charges a recently doubled Rate of 200,000 euros per year Regardless of Wealth Bracket.

Foreign investors for Britain is set to meet with government officials on Thursday to discus the proposals.

“If there’s no stability, people are making plans now to leave,” Leslie Macleod Miller, Chief Executive of Foreign Investors for Britain, Told CNBC on Weedne During Annnouxley the Proposals.

That with the broadest shoulders often have the longest legs.

Leslie Macleod Miller

Chief Executive of Foreign Investors for Britain

The uk’s non-dom status is a colonial-ra tax rule, which permits people living in the uk but who are domiciled elsewhere to avoid paying tax on income and capital gains earnings from Overseas for Earnings from Overse for Earnings from Overse for Earnings. As of 2023, an estimated 74,000 people Enjoyed the status, up from 68,900 the previous year.

While the regime has long been politically content announced plans To step up the planned Abolition of non-dom status by

It comes as finance minister rachel reeves is expected to announs bumper tax rises at her Oct. 30 budget as she seeks to close a now Reported £ 40 billion funding gap in the public finances. The Figure was previously cited As £ 22 billion. The treasury did not immomediatly respond to cnbc’s request for comment on the shortfall or on the upcoming talks with fifb.

Non-doms move their money

Reeves Had Previously said that scraping the program could generate £ 2.6 billion ($ 3.38 billion) For the Treasury over the course of the next government.

However, Oxford Economics Research Last Month Warned That The Plans Cold Intead COst Taxpayers £ 1 billion By 2029/30 in Direct Revenue Alone. In all, the 72 non-doms it surveyed was founded to have investment a result

“This is just a fraction of money invested by non-doms, so this investment is at risk,” Alex Stewart, Associate Director at Oxford Economics, Said Wednsday.

Indeed, some have alredy begun making Pre-competive moves.

UK FACES Ultra-Wealthy Exodus AMID Non-Dom Tax Changes

New Research Released Wedns Day by the Economic Think Tank Sugged

Several Non-Doms in Attendance at the Event, but who requested to remain anonymous, said they who considering relocating to jurisdictions suchs such as italy, Switzerland and Dubai Should the More Hard-Line Plans.

According to Wednsday’s Research, which surveyed 115 non-doms and 42 advisers, around 1 in 10 (13%) would stirm ahead with plans to leave shout the ttr be into the ttr be LD Leave If the Proposed Flat -Tax regime was not introduced.

We need to understand that we need people to be investment here, to create the jobs, wealth, prosperity that we want.

Sadiq khan

Mayor of London

“That with the broadest shoulders often have the longest legs, so it’s important that you undersrstand them,” Macleod Miller Said.

Dominic Lawrance, A Partner at Charles Russell Speechlys, Said the plans was an “improvement” on the Italian system in that they should be scalable according to weAlth brokets, theseby generating Addriting. Lawrance, who helped draw up the proposals, added that they should be introduced in paralyl with existing measures to abolish non-domicile status to “Avoid on perception of a u-turn.”

Oxford economics said it was currently working to determine an Estimate for how much revival could be generated from the ttr proposals.

Labor Courts Wealth Creators

The labour government has said it is determined to address Unfairness in the tax systemPledging in its election Manifesto to Close non-dom tax loopholesHowever, it has since appeared to soften its stance, with reves reportedly reconsidering Some elements of her non-dom crackdown.

Prime Minister keir starmer on monday sought to promote the uk as a hub for growth and wealth creation, as he assembled a group of 300 business leaders at labour’s inaugural International Investment Summit.

The Mayor of London, Sadiq Khan, Told CNBC at the Event on Monday That The Government must Tread a Fine Line to Avoid Alienating Wealth Creators Who ENSURING THIATERE SULERENTORS who is “abide by the rules.”

Terraced Homes on WestBourne Gardens in the Exclusive Area of ​​Bayswater Near Royal Oak on 13th January 2023 in London, United Kingdom.

Mike Kemp | In pictures | Getty Images

“We need to make sure we go under Aid.

“The key mission of this government is growth and we can’t get growth without

The lord mayor of the city of London Corporation, Michael Mainelli, Acknowledgeed on Monday that there was a “problem” with the non-dom rules but noted that uk shout content

(Tagstotranslate) Wealth (T) Business News

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