The Mail on Sunday quotes Dominic Lawrance on Reeves’s desire to impose inheritance tax on non-doms’ overseas assets
Ahead of the Budget on October 30, Reeves’s desire to impose inheritance tax (IHT) on non-doms’ overseas assets has sparked a potential exodus.
Currently, their estates are liable for IHT only on money earned in the UK and on UK properties, including those held through foreign companies.
Dominic Lawrance, Private Client Partner, says existing non-doms – and those contemplating a move to the UK – are being deterred by Reeves’s desire to bring overseas assets into the IHT net.
Dominic comments:
It’s seen as draconian and hostile – the straw that breaks the camel’s back.
Non-doms are wealth-creators, starting businesses, supporting employment and spending freely on expensive goods and services. But up to a third could quit Britain, according to Oxford Economics.
Read the full piece here.
