Non-dom changes will scare away rich taxpayers
UK will miss out on millions in tax revenues as non-doms flee, STEP report claims
Government plans to tax the foreign super-rich will be counter-productive as
tax revenues will fall and UK investments will be sold, a research report by the
Society of Trust and Estate Practitioners has claimed.
STEP says in the report that more than half of the UK’s mega-wealthy
non-domiciled residents are leaving the country and making plans to sell their
UK investments.
‘For the first time we can confirm that wealth generators are preparing to
leave the UK in significant numbers. We now know wealthy foreigners invest
between £75bn and £125bnin the UK and pay £7.16 billion in tax,’ said Keith
Johnston, STEP’s director of policy and the author of the study.
Non-domiciled individuals pay £7.16bn in tax, according to STEP.
Further reading:
Read the full
STEP report here
