Non-doms not leaving
According to a new study non-doms have not left the country in masses due to the new taxation rules recently implemented.
A Barclays Wealth study has said that the government’s decision to tax
overseas earnings has not led to non-doms leaving the country in the masses.
Non-doms are apprehensive of leaving the country amid fears they could lose
money on their property due to the struggling market
Daily Telegraph reports.
However the situation could ‘change rapidly’ according to the report if a
small portion of financiers were to leave.
The non-domicile tax means that there is now a £30,000 levy on overseas
earnings which was introduced in April and sparked fears that the 120,000
non-doms registered in the country would leave.
Non-doms spent £17bn in the UK last year.