The government is reportedly considering a U-turn on non-dom tax change plans, but the capital’s richest are already moving overseas.
The Autumn Budget is now just a month away, but a year of uncertainty has reportedly left London’s non-domiciled residents looking for the exit.
Labour campaigned on a manifesto promise to change the rules for those who keep their main residence outside of the UK for tax purposes, in order to raise funds for public services. A projected £1 billion raised through this levy would be put towards the NHS and school breakfast clubs.
There are rumours swirling that the Treasury may change its plans once the Office for Budget Responsibility runs the numbers. But the damage is already done, say estate agents
“The feeling is that there will be several measures that will target non-doms and that they are not wanted here,” said Dominic Agace, chief executive of Winkworth.
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