The UK's recent changes to non-dom taxation, while theoretically easing some tax burdens, have not resolved the root problems causing many wealthy individuals to leave. According to deVere Group, the adjustments are merely cosmetic and fail to mitigate the broader consequences already seen, such as increased emigration to more favorable tax environments. The elimination of inheritance tax protections poses a significant threat to expatriates' financial planning. Industry experts suggest that without substantive reforms, particularly focusing on inheritance tax, the UK risks losing its competitive edge.
Previous foreign earnings aren't taxed when moved between overseas accounts-fails to address the broader policy failures that have already driven a wave of departures.
High-net-worth individuals have already drawn their conclusions and are making moves accordingly.
Previously, non-doms had a clear understanding of how their wealth would be treated. That framework has now been upended, leaving them exposed in ways they never anticipated.
If policymakers want to halt the outflow of capital and talent, they need to go beyond cosmetic tweaks and tackle the real deterrent: IHT.
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