Bloomberg quotes Piers Master on the suitability of the three-year facility policy designed to attract former UK non-doms
On 6th April 2025, the UK ended its preferential tax regime for non-domiciled residents, which allowed them to avoid UK taxes on overseas earnings for up to 15 years.
This change has led to an increase in wealthy individuals leaving the UK, as they face higher taxes on global income. The government hopes the reforms will boost finances, but there is uncertainty about the economic impact, including potential job losses and reduced investment.
The UK introduced a three-year facility to ease the transition, allowing former non-doms to bring in overseas wealth at reduced tax rates, but experts question its effectiveness in retaining or attracting wealthy residents.
Piers Master, Private Client Partner, says that the policy targeted at former non-doms likely won’t be enough – and misses a key element.
The great unknown,” he said, “is how many people now won’t come.
Read the full piece in Bloomberg here.
