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Research points to non-dom exodus

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Around 26% of non-domiciled individuals are planning on leaving the UK in the next year, according to new research by accountancy firm Moore Stephens. Changes to the UK’s tax system is the most common reason given by non-doms for leaving. This includes changes to the remittance basis and new ‘requirement to correct’ rules for offshore assets.

Moore Stephens point out that non-doms paid £9.4bn in income tax, CGT and NICs in 2016/17, the highest level seen since 2007/08, and more than the entire total raised through IHT, tobacco duties and customs duties over the same period.

Other reasons given for considering leaving the UK were a less welcoming environment fostered by the government (26%) and Brexit (23%).

Simon Baylis, partner and head of private client services at Moore Stephens, commented: ‘As non-doms have the ability to leave the country at very short notice, the government must be alive to the risk of losing them and the income they provide to the UK’.

Issue: 1423
Categories: News