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West Ham owner says non-dom crackdown is driving wealthy from the UK
(www.theguardian.com)
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this post was submitted on 04 Oct 2024
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UK Politics
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Also, no they are nit.
They have assets in the UK, they aren't going to leave them, so we would see them transfering assets out of the UK if they were leaving, and guess what? We're not seeing that.
Also, where would they go? Europe?
He's obviously talking his own book, but there does seem to be genuine concern that the government's analysis of the non-dom crackdown suggests that, yes, it will lead to a reduction in tax revenue. Because many of these people can in fact just move...
https://www.independent.co.uk/news/uk/politics/rachel-reeves-budget-non-dom-changes-tax-b2619863.html
Actually the article you posted indicates it will fail to raise extra. Not lead to a reduction.
As these folks are using the status to avoid paying tax now. Them leaving just means they have to find a new nation to not help fund.
It is not likely to raise extra money. But is likely to remove those profitting from the investmment others make in our inferstructure.
Thos could be argued to open up the field for investers who actually want to fund our nation.
If 99% of them leave and 1% of them remain and pay their taxes then that will constitute an increase in funding.
Except as I already said 99% of them won't leave. They'll threaten to leave and they may go and sulk in another country, but for a lot of them their assets are properties that they rent out they can't sell them, without finding a buyer. If someone buys the property then they will pay the tax, either way we get the tax.