The Telegraph quotes Dominic Lawrance on anticipated tax changes and the impact on non-doms
The Chancellor, Rachel Reeves, recently announced that she will hold her first Budget on Wednesday 30 October 2024.
Tax rises in the Budget are widely expected as the government made clear that difficult decisions lie ahead on spending, welfare and tax to fix the foundations of our economy and address the £22bn hole in the public finances.
It is widely anticipated that there will be a hike in capital gains tax and as a result/coupled with plans to abolish the non-dom regime, many wealthy individuals and entrepreneurs are considering a relocation.
The Telegraph speaks to Dominic Lawrance, Private Client Partner, on the anticipated tax changes and the impact on non-doms.
He says:
Non-doms are a tiny sector of the population, but they are economically significant. They bring investment into the UK and there are a large number of businesses which are reliant on these people, or which will be seriously harmed if we lose them.
Since the Labour Party announced plans to abolish the non-dom regime, there has been a noticeable increase in relocations among wealthy individuals. We are seeing them relocating to Italy, Switzerland or Dubai in numbers that are unusually high for a typical year.
Read the full piece in The Telegraph here.
