It is being widely reported in the UK press that UK taxpayers are leaving the UK due to the tax changes coming into force from 6 April 2025.
The departure from the UK is first and foremost attributable to the abolishment of the non-dom tax regime, but also due to other anticipated changes which are likely to see an increase in capital gains tax, inheritance tax and tax on Carried Interest. There also remains a looming threat of wealth taxes, exit taxes and increased corporation tax rates, none of which makes sense in the longer term especially for those who are internationally mobile.
Recent commentary from Henley and Partners, the leading immigration firm, suggests that up to 9,500 millionaires will leave the UK this year.
This migration of wealth will have a huge impact on the UK economy and demonstrates just how counter-productive the anticipated tax changes are.
We have advised clients that are leaving the UK on how to do this tax efficiently, but we can also help clients that are staying here to mitigate the impact of the proposed changes through careful tax planning.
If you or your clients are concerned by the UK’s changing tax landscape, please do not hesitate to contact us for advice.