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Reaction to Labour’s non-dom proposals

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The Guardian reports on concerns from the profession around Labour’s proposals to ‘squeeze the incomes of wealthy non-doms’, quoting Sophie Dworetzsky, Partner at Charles Russell Speechlys, as saying: ‘These measures feel like trying to squeeze out every last drop until there’s nothing left. The UK operates in an environment of tax competition, and if the UK makes itself yet more unattractive from a tax point of view, we could lose out to other countries, such as Italy, which have more favourable tax regimes. One can but hope this is realised before any legislation is implemented.’

Miles Dean, Head of International Tax at Andersen goes further: ‘If you can leave within six months, make plans to leave now. The UK is no longer safe as a tax environment.’

Meanwhile, according to the Financial Times, tax advisers have reported an increase in contact from non-dom clients looking to manage the impact of Labour’s proposals, should it win the general election. The FT highlights the brief period of calm following Jeremy Hunt’s Spring Budget, where transitional protections were announced in the move to a new regime to replace the remittance basis from April 2025, contrasted with a flurry of activity following Rachel Reeve’s toughened-up policy plans.

Issue: 1659
Categories: News