Non-Dom numbers in UK drop but exodus on hold as many 'wait and see'
Non-Dom numbers in UK may be dropping but an expected exodus is on hold as many 'wait and see', according private client specialist Russell-Cooke.
Commenting on the 2018-2019 non-dom statistics, released today, Rebecca Fisher, partner in the private client team at Russell-Cooke says that although the figures released today by HMRC show a slight decrease on the previous year, as the figures represent a period of time in which the recent general election, Britain leaving the EU in January 2020 and Covid-19 had not yet played out.
"Those wanting to relocate because of the deemed domicile tax changes will have largely done so, and those that remain are likely taking a wait and see approach as the UK's future direction crystallises," he says.
"It remains to be seen what the long term outlook is for non-doms but almost certainly recent events and unprecedented [UK] government spending will require funding.
Fisher adds that increased taxation will be high on the [UK chancellor's] agenda which has already been hinted at, with recent months seeing renewed talk of the introduction of a wealth tax.
"Whether this will be the year for sweeping tax reforms will only be known in the Autumn when the chancellor delivers the Budget," she concluded.
by Tanya at http://www.ifajobs.net
Daniel van Niekerk
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