Latest news with #non-domiciled
Bloomberg
17-07-2025
- Business
- Bloomberg
UK Non-Dom Population Fell 0.5% in 2024 Tax Year Amid Reforms
The number of wealthy foreign residents in the UK claiming preferential tax treatment on their overseas income and gains fell 0.5% last year as policy makers moved to scrap the regime. Britain had an estimated 73,700 non-domiciled residents in the tax year ended April 5, 2024, down from about 74,100 in the previous 12 months, according to provisional figures published Thursday by the nation's tax authority.
Bloomberg
18-06-2025
- Business
- Bloomberg
Non-Doms Are Trying to Sell London Homes, But No One Wants Them
The number of London homes for sale at £5 million ($6.8 million) or more rose to the highest on record last month, as the nation contends with the departure of wealthy foreigners looking to escape tax hikes. There was a 22% year-on-year jump in these homes on the market at the end of May, according to data from researcher LonRes. However, there were 15% fewer deals compared with the same month last year, hinting that the UK's decision to abolish tax breaks for non-domiciled residents has weakened demand.
Yahoo
06-05-2025
- Business
- Yahoo
Up to 40% of Non-Doms May Leave UK, Warns Tax Lawyer
The UK's tax overhaul for wealthy foreigners could end up costing more than it raises if just a quarter of those affected decide to leave, according to the Centre for Economics and Business Research. The think tank warned that abolishing non-domiciled resident status scrapped last month risks turning into a fiscal burden rather than a revenue boost for the Treasury. Charlie Sosna, Partner and Head of Private Wealth and Tax at Mishcon de Reya, said the firm is already working with clients preparing to leave. He told Bloomberg Radio's Caroline Hepker and Tom Mackenzie that he "wouldn't be surprised" if as many as 40% of the UK's non-doms end up relocating.
