Patrick Boyle On Finance Are the Rich Really Leaving Britain?
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Sep 22, 2025 Are Britain's millionaires truly departing, or is it just a statistical illusion? This discussion investigates the Henley migration report and critiques its methodology. The conversation explores the historical non-dom tax regime and its recent changes. Additionally, insights are shared on how global tax competition and lifestyle choices affect wealthy individuals' decisions. Lessons from the 1970s tax environment reveal the challenges of taxing mobility while maintaining a competitive economic landscape.
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Questionable Millionaire Migration Data
- Henley & Partners' millionaire migration figures rely on weak sources like social media and press mentions.
- Dan Needle's statistical forensics suggest the numbers were likely engineered, not observed.
Corporate Filings Show Movement
- Company director filings and other signals show an increase in wealthy individuals updating addresses overseas.
- These indicators are imperfect but point to a visible trend after non‑dom reforms.
History Of The UK's Non‑Dom Regime
- The UK non‑dom regime dates back to 1799 and historically taxed residents only on UK income.
- Reforms in 2024–25 abolished non‑dom status and extended worldwide taxation after set residence periods.