The Week in Business: Reeves tries to rescue the non-doms Business It’s a funny old world when the pleas of pensioners, farmers and shopkeepers fall on deaf ears but a Labour chancellor flies to Davos to break the news that she’s “listened to the concerns of the non-dom community” – and will be watering down her assault on their tax arrangements. Let’s take a look at [...]
Millionaires leave Britain in record numbers since Labour took power Politics Millionaires have left Britain in record numbers since the new Labour government took power amid a crackdown on non-dom residents and sweeping tax hikes. The Treasury is facing fresh calls to reverse plans to abolish the non-dom tax status in April and replace it with a residence-based regime that also ropes in non-doms’ overseas assets [...]
Chancellor’s tightrope walk will leave us holding our breath Opinion By tradition, Chancellors are allowed a stiff drink at the despatch box as they deliver their Budget. Parliamentary records tell us that Gladstone enjoyed sherry and beaten egg while the most recent Chancellor to indulge in this ancient right, Ken Clarke, opted for a straight whiskey. Since then, there’s been nothing but water in the [...]
How will Labour fill the non-dom shaped hole in their tax plans? Brace yourself. September 30, 2024 Cast your mind back to the Spring and early Summer of this year when the election campaign was underway. It seemed the Tories were announcing a new policy every day, from the return of National Service to inventive new ways of protecting pensioners’ incomes, Conservatives filled the airwaves with ideas, policies and announcements. In the [...]
City sounds alarm over fears that non-dom reforms won’t raise money September 27, 2024 Leading city figures have urged the government to adapt its planned reforms to the non-dom tax regime, after it was revealed that Treasury officials are concerned that the reforms may not raise any money. Labour has promised to scrap the non-domicile (non-dom) regime – a tax status that allows wealthy foreign nationals only to pay [...]
The departure of the super rich is an early warning siren for the rest of us September 18, 2024 Marcelo Goulart, managing partner at the Zurich-based wealth advisor First Alliance, has been so busy helping his clients leave the UK that he’s had no summer holiday. He tells City A.M. that 80 per cent of his “UK exposed” clients have either left the country or are in the final stages of doing so. He [...]
Labour’s agenda risks serious economic damage September 16, 2024 Labour ministers, and even large parts of the public, might not shed a tear over the loss of these remote, almost abstract, purveyors of high-end financial services, but they should.
Sun, sea and a 20% flat tax: How Portugal is trying to attract smart foreigners July 4, 2024 Portugal's centre right minority government will bring back a tax break for high-skilled foreigners as the country aims to stimulate growth by attracting the international elite to its shores.