Best of the Spectator The Edition: Britain's billionaire exodus, Michael Gove interviews Shabana Mahmood & Hampstead's 'terf war'
May 15, 2025
In this discussion, private wealth expert James Quarmby reveals how tax changes are driving the super-rich out of Britain while raising concerns about economic dependency on high earners. Justice Secretary Shabana Mahmood talks candidly about pressing issues including grooming gangs and AI, offering an introspective look at her duties. Zoe Strimpel dives into the heated debate over trans women's access to Hampstead's ladies pond, highlighting the divide among local women. Together, these guests tackle pressing social themes with expert insights.
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Non-Dom Tax Changes Cause Exodus
- Abolishing the non-dom tax regime accelerated British millionaires leaving the country.
- Tax treatment changes increasingly make the UK unattractive for wealthy individuals to live and invest in.
Inheritance Tax Deters Wealthy Non-Doms
- Inheritance tax is a major deterrent for wealthy non-doms, many unfamiliar with wealth/death taxes.
- This 40% tax on total capital, including assets earned pre-UK, is rare and severely discourages residence in the UK.
UK Tax Reliance on Ultra-Wealthy
- The UK is dangerously dependent on its top earners who pay a significant share of income tax.
- Losing even a few ultra-wealthy taxpayers creates a big hole in government revenue and affects everyone.