Latest news with #wealthyExodus
Bloomberg
24-06-2025
- Business
- Bloomberg
Wealthy Europeans Lured by Tax Havens Face Surge in Exit Charges
The wealthy are exiting the UK in droves for tax havens such as Monaco, Switzerland and Dubai. But many well-heeled Europeans with similar dreams of escape are finding they can't leave quite so easily. High-tax nations across the continent are seeking to slow the departure of rich residents by hitting them with a levy on the value of their assets when they depart. Known as exit taxes, the idea is to make them think twice before leaving — or pay their fair share if they do.
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.'
Telegraph
29-05-2025
- Business
- Telegraph
Starmer's Britain is good at only one thing: driving out the wealthy and ambitious
It doesn't lead the world in developing new technologies such as Artificial Intelligence. It isn't breaking new ground in science, technology, or even in music, literature or fashion. Still, Sir Keir Starmer's Labour Britain is at least leading the world in one respect. It has become better than anywhere else at driving out the wealthy, the young, and the ambitious. There is just one catch. The Government doesn't appear to have any ideas on how to stem the exodus, nor how to replace all the tax revenues that will leave with them. The evidence that money and talent is fleeing Britain is becoming more alarming all the time. Guillaume Pousaz, Swiss-born billionaire founder of fintech giant Checkout, has become the latest to leave. We learned this week that he has shifted his tax residency from Britain to Monaco, following the decision by the Chancellor Rachel Reeve to abolish the non-dom rule that allowed wealthy foreigners to limit their tax bills in the UK. He joins the likes of the billionaire steel tycoon Lakshmi Mittal and the senior Goldman Sachs banker Richard Goode in getting out of the country. Over the last year, an estimated 10,000 millionaires have left the UK, according to Henley & Partners, second only to Russia, and the real total may be even higher. But it is not just a handful of the super-rich who are getting out. The young and ambitious are increasingly leaving for the Gulf States such as Dubai or Qatar, for Australia, where the youth mobility scheme allows them to live or work, or for the United States, if they can get a visa. Likewise, the 'Henrys', or 'High Earners, Not Yet Rich' are fleeing as well. It is not hard to understand why. The non-dom crackdown has created one of the most punitive tax regimes in the world for foreigners. They are now subject not just to our income taxes, but to inheritance tax at 40 per cent on their global assets, as well as capital gains tax if they sell their company. Many simply have to leave or face financial ruin. Likewise, frozen thresholds and tapered personal allowances now mean many successful self-employed or young professionals face marginal tax rates of 70 per cent or more on their earnings (and even more if they are crazy enough to live in Scotland). Perhaps worse of all, the dire state of the public finances means that everyone knows there is far worse to come over the next two or three years, with taxes rising relentlessly to pay for soaring welfare bills and public sector wages. The only rational decision is to get out while you still can. A desperate Labour Chancellor – perhaps an Angela Rayner-type – may even impose an exit tax, as other countries have tried to. It is catastrophic for any country to lose its wealthiest, most energetic, talented, ambitious, and hardest-working people. They drive investment, innovation, and entrepreneurship. More than any other group, they create the wealth that allows the country to flourish. But it is especially catastrophic for Britain. The reason is simple. Over the last thirty years, we have narrowed our tax base, so that the Government is very dependent on a small group of people. The top 1 per cent now pay 28 per cent of the total for income tax, and the top 10 per cent pay 60 per cent of the total. For capital gains tax, dividend taxes, and corporation tax the percentage will be even higher. As they leave, the revenue collected will collapse. Even worse, as the exodus gathers steam, the Government is doing precisely nothing to stop it. Any rational government, faced with losing 30 per cent of its tax revenue, would be frantically finding ways of persuading them to stay. Instead, Labour is complacently watching them leave, as if it makes no difference. It is going to prove a very expensive mistake – because the UK will find it very hard to get all those people back once they have left.
