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.
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.