Billionaire Non-Domicile Flees UK Amid Tax Law Changes
A London-based billionaire non-dom left the UK the day Jeremy Hunt announced the end of a centuries-old tax scheme. His tax adviser revealed he flew to one of his 17 homes worldwide. Many other wealthy individuals are contemplating similar relocations to countries offering favorable tax incentives.
A London-based billionaire non-dom left the UK on the same day Chancellor Jeremy Hunt announced the termination of the 225-year-old tax regime in the spring budget, according to his tax adviser.
John Barnett of Burges Salmon revealed the billionaire took his family and flew to one of his 17 homes worldwide.
Many other wealthy clients are considering similar moves to countries with favorable tax laws, such as Italy, Spain, and Malta, following the abolition of the UK tax scheme effective April 2025.
In 2021-22, there were 68,800 non-doms in the UK, per HM Revenue and Customs.
Countries like Italy and Spain offer special tax incentives to attract the elite, with Italy's €100,000 flat tax scheme and Spain's Beckham law being notable examples.
John Barnett of Burges Salmon revealed the billionaire took his family and flew to one of his 17 homes worldwide.
Many other wealthy clients are considering similar moves to countries with favorable tax laws, such as Italy, Spain, and Malta, following the abolition of the UK tax scheme effective April 2025.
In 2021-22, there were 68,800 non-doms in the UK, per HM Revenue and Customs.
Countries like Italy and Spain offer special tax incentives to attract the elite, with Italy's €100,000 flat tax scheme and Spain's Beckham law being notable examples.