Latest news with #AnneBeaufour
Daily Mail
an hour ago
- Business
- Daily Mail
Thousands of millionaires to flee Britain in record numbers to escape Labour's tax raids
Millionaires are set to flee Britain in record numbers to escape Labour's tax raids, a report has revealed. An unprecedented 16,500 wealthy Britons are predicted to leave this year amid a darkening economic outlook. The forecast, in the Henley Private Wealth Migration Report, comes after City veterans warned an exodus will hurt growth and investment. Britain will lose twice as many high-earners as China and ten times as many as Russia, according to the study, which analyses migration trends of those with liquid assets of more than $1million (£740,000). Wealthy Britons are flocking to places such as the United Arab Emirates, the US, Italy and Switzerland, with 10,800 leaving last year. Recent departures are reported to have included French billionaire businesswoman Anne Beaufour and boxing promoter Eddie Hearn. Advisers to some of the wealthiest families have seen a sharp rise in inquiries about moving abroad to lower tax regimes since Labour won the election. In April, Chancellor Rachel Reeves began to charge inheritance tax at 40 per cent on the global assets of non-doms – those who live in the UK but have permanent homes elsewhere, and pay tax only on what they earn here. This is thought to be driving away the wealthy in droves – so much so that Ms Reeves is reportedly now considering a U-turn on the move. Dr Juerg Steffen, at Henley & Partners, said: 'For the first time in a decade of tracking, a European country leads the world in millionaire outflows. The implications for the UK's economic competitiveness and investment appeal are significant.' Switzerland, Italy, Portugal and Greece are forecast to attract record numbers of wealthy people this year.
Economic Times
17 hours ago
- Business
- Economic Times
Millionaires may exit UK in record numbers after non-dom tax shake-up
The United Kingdom may witness a significant departure of wealthy residents. Around 16,500 millionaires are expected to leave in 2025. This migration links to changes in tax and visa rules. The UK government's decision to alter non-domicile tax regime is a factor. Many affluent individuals are seeking opportunities elsewhere. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The United Kingdom is expected to see a record outflow of wealthy residents in 2025, with 16,500 millionaires projected to leave the country. The migration is being linked to recent changes in tax and visa policies, according to the latest Henley Private Wealth Migration report estimates that these departing individuals collectively hold £66 billion in investable assets. The shift follows the UK government's decision to abolish the long-standing non-domicile (non-dom) tax regime in April and introduce a stricter residence-based tax system.'This unprecedented outflow follows an already record-breaking year in 2024, when 10,800 affluent residents departed in search of greener pastures — compounding the mounting capital drain that began with Brexit,' said Dr. Juerg Steffen, CEO of Henley & Partners, the firm behind the 2016, the UK typically gained more millionaires through migration than it lost. But this trend has reversed following two major policy moves: the closure of the Tier 1 investor visa in 2022 and the overhaul of non-dom tax rules in 2024. These changes, followed by Labour's proposed revisions to inheritance tax, have accelerated the the new rules, wealthy foreigners who have lived in the UK for more than four years are subject to UK income and capital gains taxes on their global earnings. Their worldwide assets also fall under the UK's inheritance tax, which is charged at 40%.The migration report shows that the UK is projected to lose more high net worth individuals than China or Russia in 2025. While Britain remains attractive to some foreign investors, including Americans seeking to relocate, the inflows have not matched the rate of & Partners reported a 183% increase in the number of British nationals applying for residence or citizenship abroad through the firm in the first quarter of 2025 compared to the same period last the top destinations for departing UK millionaires are the United Arab Emirates, the United States, Italy, and Switzerland. The UAE is forecast to receive the highest net inflow of millionaires globally this year, with 9,800 expected names reported to have left the UK include heiress Anne Beaufour, investor Max Gottschalk, JC Flowers' Tim Hanford, and boxing promoter Eddie Hearn. Steel magnate Lakshmi Mittal is also said to be considering some EU countries such as France, Spain, and Germany are also facing similar trends, with expected net losses of high net worth individuals this year.
