Latest news with #LympneCastle
Yahoo
21-06-2025
- Business
- Yahoo
Reverse non-dom raid or I'm off to Italy, says castle-owning reality TV star
A celebrity couple moving to Italy to escape Rachel Reeves's non-dom tax raid have vowed to stay in the UK if the Chancellor reverses her plans. Ann Kaplan Mulholland, a former TV star from The Real Housewives of Toronto, and her plastic surgery tycoon husband, Stephen Mulholland, said they would cancel their planned move to Milan if the Government changed course on its proposals. 'Should Rachel Reeves reverse the non-dom tax raid we would, without question, stay in the UK,' said the Canadian businesswoman, who co-owns Lympne castle in Kent. Earlier this year, Ms Kaplan Mulholland vowed to move to Italy because she said the Treasury's non-dom plans would take an 'astronomical amount' of her £500m fortune. Italy's tax regime is luring more disenchanted multimillionaires from overseas by offering an annual €200,000 (£170,000) flat tax on overseas income for new residents no matter how much they earn. Ms Kaplan Mulholland said that Britain should copy the lump sum, which can save millionaires significant sums in tax. She said that such a move 'would solve the bleed of investors such as ourselves exiting the UK and drive the economy in England in a positive direction'. Labour's raid on the wealthy has already led a number of millionaires to flee the UK, triggering Ms Reeves to weigh up a reversal on her decision to charge 40pc inheritance tax on people's global assets. Senior City sources told The Telegraph last week that they had been in talks with the Government about how to 'create something more competitive'. The Chancellor scrapped the non-dom status in April, a move which had been widely expected, but also introduced the inheritance tax changes which have since been blamed for driving ultra-rich individuals abroad. A number of high profile businessmen, including Goldman Sachs' most senior banker outside the US, Richard Gnodde, and Aston Villa co-owner, Nassef Sawiris, have left Britain in the wake of the tax raid. Ms Kaplan Mulholland said the couple had invested heavily in the UK economy in recent years, purchasing a number of properties and a castle in Kent which she said employed almost 100 people. 'We are in the process of opening a third restaurant and a luxury hotel. None of this would have been considered and we would not have chosen the UK as our home or as an investment under the new regime. It is unfortunate. 'At this time we are well into the application process to move to Italy. 'The requirements and terms for an Italian tax-domicile are preferable for both the investor and the economy. Italy requires a €200,0000 [£170,000] plus €35,0000 spouse tax per annum but, unlike the UK, there is no tax on foreign assets or inheritance tax.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Telegraph
21-06-2025
- Business
- Telegraph
I'll stay in UK if Reeves drops non-dom raid, says castle-owning reality TV star
A celebrity couple moving to Italy to escape Rachel Reeves's non-dom tax raid have vowed to stay in the UK if the Chancellor reverses her plans. Ann Kaplan Mulholland, a former TV star from The Real Housewives of Toronto, and her plastic surgery tycoon husband, Stephen Mulholland, said they would cancel their planned move to Milan if the Government changed course on its proposals. 'Should Rachel Reeves reverse the non-dom tax raid we would, without question, stay in the UK,' said the Canadian businesswoman, who co-owns Lympne castle in Kent. Earlier this year, Ms Kaplan Mulholland vowed to move to Italy because she said the Treasury's non-dom plans would take an 'astronomical amount' of her £500m fortune. Italy's tax regime is luring more disenchanted multimillionaires from overseas by offering an annual €200,000 (£170,000) flat tax on overseas income for new residents no matter how much they earn. Ms Kaplan Mulholland said that Britain should copy the lump sum, which can save millionaires significant sums in tax. She said that such a move 'would solve the bleed of investors such as ourselves exiting the UK and drive the economy in England in a positive direction'. Labour's raid on the wealthy has already led a number of millionaires to flee the UK, triggering Ms Reeves to weigh up a reversal on her decision to charge 40pc inheritance tax on people's global assets. Senior City sources told The Telegraph last week that they had been in talks with the Government about how to 'create something more competitive'. The Chancellor scrapped the non-dom status in April, a move which had been widely expected, but also introduced the inheritance tax changes which have since been blamed for driving ultra-rich individuals abroad. A number of high profile businessmen, including Goldman Sachs' most senior banker outside the US, Richard Gnodde, and Aston Villa co-owner, Nassef Sawiris, have left Britain in the wake of the tax raid. Ms Kaplan Mulholland said the couple had invested heavily in the UK economy in recent years, purchasing a number of properties and a castle in Kent which she said employed almost 100 people. 'We are in the process of opening a third restaurant and a luxury hotel. None of this would have been considered and we would not have chosen the UK as our home or as an investment under the new regime. It is unfortunate. 'At this time we are well into the application process to move to Italy. 'The requirements and terms for an Italian tax-domicile are preferable for both the investor and the economy. Italy requires a €200,0000 [£170,000] plus €35,0000 spouse tax per annum but, unlike the UK, there is no tax on foreign assets or inheritance tax.'
