FT News Briefing UK’s wealthy foreigners look for the exits
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Jun 25, 2024 Wealthy foreigners in the UK are reconsidering their stay as tax changes loom, raising questions about the country's economic future. Meanwhile, Chinese businesses are relocating to dodge high tariffs, highlighting a shift in global manufacturing. The Brazilian market is struggling amidst investor concerns linked to Lula’s spending. Lastly, there's a deep dive into NVIDIA’s rise within the AI sector, drawing parallels to the dot-com boom and evaluating the challenges it faces in maintaining its leadership.
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UK Exodus of Wealthy Foreigners
- Wealthy foreigners are leaving the UK due to rising taxes after the end of the "non-dom" regime.
- Other factors include Brexit, security concerns in London, and political and fiscal instability.
Non-Dom Regime Explained
- The UK's non-dom regime, created in 1799, lets individuals avoid taxes on foreign income.
- Proponents argue it brings investment, while critics say it's unfair and inflates property prices.
Sunak's Wife and Non-Dom
- Rishi Sunak's wife, Akshata Murthy, benefited from the non-dom regime.
- She later agreed to pay UK tax on global earnings due to public pressure.