City bankers press Reeves to ease non-dom clampdown as wealthy workers exit UK

Senior bankers in London have expressed concerns to Chancellor Rachel Reeves about plans to abolish non-domiciled tax status, set to take effect on 6 April. This tax regime allows residents to be taxed on their UK income only, which has attracted wealthy individuals. The bankers from major financial firms argue that eliminating this status could diminish the UK's competitive edge and accelerate the exit of ultra-wealthy individuals. Recent data shows a significant outflow of millionaires from the UK, highlighting the potential economic implications of the proposed reforms.

Senior bankers urged the Chancellor to reconsider abolishing non-domiciled tax status, warning it drives high-earning foreign workers out of the UK.

Read at Business Matters