Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Lobby group urges Rachel Reeves to rethink non-dom tax hike to prevent exodus of wealthy residents

by October 13, 2024
October 13, 2024
Lobby group urges Rachel Reeves to rethink non-dom tax hike to prevent exodus of wealthy residents

Chancellor Rachel Reeves is facing pressure from lobbyists representing the UK’s 74,000 non-domiciled residents (non-doms) to scale back her planned tax changes, ahead of her upcoming budget.

The newly formed group, Foreign Investors for Britain, is set to meet with government officials this week to urge a reconsideration of Reeves’s proposed overhaul of the non-dom tax regime, which could include levying inheritance tax on foreign assets.

Non-doms, who are UK residents but are considered domiciled overseas for tax purposes, are currently exempt from paying UK taxes on their overseas income. However, Reeves’s proposed changes have sparked fears that wealthy non-doms will leave the UK, potentially causing a net loss in tax revenues rather than boosting the Exchequer. In 2022-23, non-doms contributed £8.9 billion to UK tax revenues.

The lobby group, which formed in June and has already met with Treasury officials, is proposing an alternative tiered tax system. This would see non-doms paying a fixed annual sum, scaled to their wealth, for a period of 15 years. Under the plan, someone with up to £100 million in personal wealth would pay an annual charge of £200,000, with those worth more than £500 million contributing £2 million annually. Currently, non-doms pay up to £60,000 a year.

Leslie MacLeod-Miller, a spokesperson for Foreign Investors for Britain, said: “We’re pleased the government is listening because this is a real issue. Britain is turning into a departure lounge, and without changes, we risk losing valuable investment and tax revenue.”

The government has so far defended the proposed changes. A Treasury spokesman said: “We are addressing unfairness in the tax system to raise revenue for rebuilding public services. The outdated non-dom tax regime will be replaced with a new residence-based regime focused on attracting the best talent and investment to the UK.”

The non-dom debate comes amid broader concerns about Reeves’s first budget, which is expected to include significant tax reforms as Labour seeks to rebuild the nation’s finances.

Read more:
Lobby group urges Rachel Reeves to rethink non-dom tax hike to prevent exodus of wealthy residents

0
FacebookTwitterGoogle +Pinterest
previous post
White House releases medical report on VP Kamala Harris
next post
Thousands of UK Boeing jobs at risk as manufacturer plans global cuts

You may also like

UK Rail network set to come to a...

September 22, 2022

Rishi Sunak set to appoint new Tory chairman...

February 7, 2023

Eyal Avramovich – Entrepreneur and Investor Pioneering the...

December 18, 2024

Labour to ease building rules and challenge ‘nimbys’,...

July 8, 2024

US investor group in talks to buy OnlyFans...

May 23, 2025

Dubai Investment Fund Continues to Explore Dubai’s Technology...

August 17, 2022

Sky signals end of satellite dishes on homes...

September 28, 2022

How AI Content and YouTube Automation are slowly...

March 3, 2023

UK SME’s report capability crunch that paints worrying...

April 20, 2023

More than half of UK EV drivers don’t...

December 16, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • TSA tells Americans their Costco cards won’t fly at airport security despite love for hot dogs

      June 7, 2025
    • Trump announces China will restart rare earth mineral shipments to US after productive call

      June 7, 2025
    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,558)
    • Stocks (3,134)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved