In the City
Why the Super Rich Are Thinking of Leaving the UK
Sep 12, 2024
Katherine Griffiths, an editor focused on ultra-wealthy trends, and reporter Ben Stupples dive into the motives behind the UK's super-rich contemplating relocation. They discuss how changing tax policies, the political climate, and economic uncertainties are causing anxiety among high-net-worth individuals. The pair also touch on the emerging lobby groups advocating for the wealthy's interests, the implications of Brexit on non-domiciled residents, and the delicate balance between supporting local businesses and attracting global wealth.
22:19
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Quick takeaways
- The potential imposition of a 40% inheritance tax on global assets is driving the ultra-wealthy to reconsider their residency in the UK.
- Wealthy individuals are weighing the financial advantages of relocating against their deep emotional ties and lifestyle factors linked to the UK.
Deep dives
Impact of Tax Changes on Ultra-High-Net-Worth Individuals
Recent tax discussions in the UK have raised concerns among ultra-high-net-worth individuals regarding the potential changes to non-domicile rules and inheritance tax implications. The Labour government is contemplating imposing a 40% inheritance tax on global assets held in trusts, which could significantly alter the financial landscape for wealthy residents. Many individuals facing these changes express deep ties to the UK; however, the prospect of substantial tax increases compels them to reconsider their long-term residence. The fear of losing financial benefits that have previously attracted them to the UK is tangible, as they ponder relocation options that might offer more favorable tax regimes.
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