Bloomberg quotes Catrin Harrison on the recent exodus of non-doms from the UK
As more non-doms consider relocating from London, there is growing concern about the potential impact of Labour's 'tax the rich' policy on the UK economy.
While the government anticipates that changes for non-doms will generate approximately £33 billion in additional taxes, some analysts offer more cautious views regarding potential effects on employment and economic growth.
Currently, the discussion is centred around a significant consideration: if a substantial portion of the non-dom population decides to leave, the policy might not achieve its intended financial benefits and could exert additional pressure on the economy.
If more than one in four of the typical non-dom population exits, the policy will start to backfire.
Catrin Harrison, Private Client Partner, comments for Bloomberg:
I’d be stunned if we didn’t get to that level in the coming years...we will get to the 25% threshold.
Read the full piece in Bloomberg here.
