Recent reports suggest that an exodus of wealthy non-doms due to tax changes may be overstated. The abolition of the non-domiciled tax status by Chancellor Rachel Reeves has raised concerns of high net worth individuals leaving the UK. However, payroll data from HM Revenue and Customs indicates that departures align with official forecasts. The Office for Budget Responsibility predicted that 25% of non-doms with trusts and 10% without would leave, a forecast that seems to be accurate according to the latest official data.
Claims of an exodus of wealthy non-doms in response to tax rises may be overblown, according to a report that suggests the number leaving the country is in line with official forecasts.
In April the chancellor, Rachel Reeves, scrapped the non-domiciled tax status, allowing wealthy individuals with connections abroad to avoid paying full UK tax on overseas earnings.
Early monthly payroll data from HM Revenue and Customs appears to indicate that the number of non-dom departures is in line with official predictions.
The Office for Budget Responsibility (OBR) forecast in January that 25% of non-doms with trusts would leave the UK due to the abolition of the tax status.
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