TaxPersonal TaxSuper-rich to leave London following tax clampdown

Super-rich to leave London following tax clampdown

Treasury is also set to close CGT loophole

An estimated 3,000 of the UK’s wealthiest residents are set to leave the
country as a result of the clampdown on their beneficial tax regime, the
Treasury has said.

Foreign citizens or ‘non-doms’ based in the UK are exempt from tax on their
offshore income, but will face an annual charge of £30,000 after residing in
Britain for seven years.

An existing loophole, which also exempts them from
capital gains tax, is also set to be soon
closed by the Treasury, a
report
has said.

The plan, which comes into effect next April, has been criticised for
damaging London’s reputation as financial centre since it may effectively drive
away the wealthiest citizens.

Further reading:

PwC warns: act now on non-dom tax rules

Property chiefs add to non-dom concerns

Tax shock in wealth management industry

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