Trumponomics In the City: Why the Super Rich Are Thinking of Leaving the UK
Sep 14, 2024
Katherine Griffiths, an editor, shares insights into the anxieties of the UK's ultra-wealthy. Ben Stupples, a reporter, discusses escalating concerns about tax changes driving the super-rich to consider leaving the UK. They delve into the implications of inheritance taxes and private equity, and how Brexit has shifted non-doms' perspectives on relocation. With economic uncertainty looming, they highlight the delicate balance the government must maintain between supporting local businesses and addressing the needs of high-net-worth individuals.
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Audience Poll on UK Exodus
- At a live recording of Votonomics, most of the audience knew someone considering leaving the UK due to potential tax changes.
- This surprised the hosts, as usually only a few hands go up for such questions.
Non-Doms' Concerns
- Ultra-high-net-worth individuals (UHNWIs), often non-doms, are concerned about proposed tax changes in the UK.
- A newly formed lobby group representing non-doms met with UK Treasury and HMRC officials, highlighting their worries.
Inheritance Tax as a Game Changer
- Proposed inheritance tax changes by the Labour party are a game-changer for many UHNWIs.
- A 40% inheritance tax on global assets held offshore in trusts is causing families to reconsider their long-term plans in the UK.