Non-Dom Exodus Ramps Up as Tax Status Abolished – Guido Fawkes

Non-Dom Exodus Ramps Up as Tax Status Abolished

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The non-dom tax status ended over the weekend in the culmination of a journey which started with Jeremy Hunt borrowing Labour’s policy last year. Non-doms contribute about £8 billion in tax revenue per year…

One week after steel magnate Lakshmi Mittal announced he was leaving the UK in response to the change in rules Bloomberg now reports that brewing tycoon Frederic de Mevius has changed his residency to Belgium. Combined wealth of only those two people: circa £20 billion…

Wealth manager Henley & Partners says formal inquiries about leaving the UK have tripled in the first three months of 2025 compared to last year – when the tax was already being mooted. More say they will leave after the new four-year exemption period comes to an end. Worse – Reeves’ Finance Act is unclear on numerous aspects of the UK’s post-non-dom tax regime and has opened the door to retroactive taxation of assets. Weekend analysis from the Adam Smith Institute finds that lower capital investment, reduced tax revenue, along with a drop in consumption and employment could forfeit £14.2 billion of growth annually in a decade with a cumulative economic loss of £111 billion. The tax gap will have to be filled by the rest…