‘Petrified’ non-doms poised to flee UK over Labour’s tax plans

[jafo]

I think some of you are living in a total bubble of overestimating the intelligence of others who may be "rich" or look rich!

I think time and time again, history has shown us that as soon as they go outside their circle of competence, they are so f*cked.
Think of how many world-class athletes, dominant in their sport X, who YOU can beat at a sport Y that you play that they do NOT play or know how to play! Think this through....
It's a revelation...to STOP putting people on a pedestal based on "our own bubble."

I'll leave Bill Burr to explain WHY most of these "ill-informed" people are moving...and it's called "sales"... Lawyers, accountants, wives, especially wives, will talk you into bankruptcy, and I've witnessed it hundreds of times...

 

[wellington]

HMRC is a very reasonable tax authority comparing with IRS or Hacienda or whatever you have in third world countries.

That was before the commies got power.

conserve your wealth, educate your kids and eventually pass your wealth to them

As a Brit i can tell you if you move abroad and transfer your wealth, its tax free.

As for Education, I wouldn't put my kids into a UK school, Singapore for fundamentals, Switzerland for creativity.

In addition my partners (Middle-East -> East Africa Gas/Oil) - you can imagine from that the wealth value, British, UAE and a EA nation + Indian nationality -> his kids yes studied in private UK (like myself) but that was 20+ yrs ago, his Kids pass through the UK but not one of them live there, they are all UAE resident(s) tax purpose and float around between Asia, Middle East, East Africa and Europe.

I do miss Hogwarts mind, simpler times.

My kids (started school at 6 months) have a 'old' English style education (proper - education - only issue is - they speak English American - worse American accents grate on me) in Asia, i dread to imagine what it would be like in the UK these days, i speak often with a former employee who refuses to move from Surrey because his son is in a good school, even though its given him a heart attack trying to keep up with the ever increasing cost of living in that part of the UK.

 

[JohnnyDoe]

As for Education, I wouldn't put my kids into a UK school, Singapore for fundamentals, Switzerland for creativity.

Where is creativity in Swiss schools?
Probably there are still some good schools in the UK. I would mention Gordonstoun, where King Charles was “properly” treated and that left a lasting impact - so much that he didn’t dare to send his kids there, with the results that everyone can see.

 

[wellington]

Where is creativity in Swiss schools?
Probably there are still some good schools in the UK. I would mention Gordonstoun, where King Charles was “properly” treated and that left a lasting impact - so much that he didn’t dare to send his kids there, with the results that everyone can see.

Bloody typos

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A leading boarding school in Switzerland. Where rich tradition meets modern outlook. Bilingual learning in an international community. A School for life.

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I learned a few days ago, there’s tents setting up in my area of England now, along the beach…

I come from what was the most prosperous part of the UK - poverty in the sense of homelessness was non-existent to a minute % of the population.

Predominantly white (there was an African British family, two Indian British families) for example in my town of 13,000 people on the neighboring and town area.

Crime was petty if anything and usually driven by outsiders coming in and leaving same day.

I heard crime (drugs) was rising, and thievery, the odd violent crime, now I’ve seen pictures of 7 tents and heard it started with 3 homeless people now 12 sleeping in tents along the ocean front.

It has me concerned because even though our stature has declined in line with demographics (wealth isn’t growing as people retire on the area) if it’s that bad then it must be pretty serious elsewhere across the county, England, the UK in general, aside from the problems with the state - usually the county and towns miss the worst of it (in my area) that is.

intelligence of others who may be "rich" or look rich!

When I was a child I wasn’t aware we were “ok”, family (father / grandmother) instilled a work ethic and monetary education from a young age in us.

It wasn’t until a few years ago that it clicked as a child we’d work in the family business - I am talking from about 5 up, save up funds and go to the family estate in southern Spain our average spending money was 3-5,000 pounds - what shocked me was that a home back then - was about 30,000-60,000 pounds

Naturally we’d meet people and through the years one of the things I recognized rather late was how unsure / incapable of judging people’s intentions people my own age were back then - never forget a French chap - forget his name now - but Parisian - well to do - good family - but was melded and molded to various peoples needs (routinely taken advantage of).

It’s important to have a grounded broad up-bringing - I believe which refers back to the paragraph above - the need to bring the kids up oblivious whilst also integrating them into a work ethic.

 

[jafo]

they speak English American - worse American accents grate on me

I apologize!

I have the WORST American accent! Straight-up Boston / New York accent, although lately, I have been trying to dim it down a bit.

I went there for college as a teenager...I lost (kind of) my British accent. It does resurface if I am relaxed and in a non-threatening environment.

 

[manukahoney]

That was before the commies got power.

So far it were Tories who dealt most damage to UK tax attractiveness. Labour didn't change much, let's see what they will introduce in October.

As for Education, I wouldn't put my kids into a UK school, Singapore for fundamentals, Switzerland for creativity.

I don't know about Singaporean schools and I heard very mixed reviews about Swiss boardings. In two words they are too relaxed, drugs are a problem and too much vanity competition. But every school is different, maybe I didn't hear about the good ones.

As a Brit i can tell you if you move abroad and transfer your wealth, its tax free.

Yes, that works so far.

 

[wellington]

Boston

Boston
AS in Irish - that’s ok

 

[Martin Everson]

Guys the UK has some of the most aggressive anti tax avoidance legislation in the world especially around use of offshore Trust structures - please look it up. Now that the 200yr old non-dom scheme is gone and who knows if the new replacement scheme launched by last government will be honored by Labour only danger lays ahead.

If your a millionaire of billionaire moving to UK right now understand that you will be fully exposed to tax on world wide income and IHT. Anticipate being treated like an ordinary UK person and fully exposed to the UK tax code. Do not rely on the last Tory government legislation allowing existing non-doms to setup trusts to protect assets from IHT. Labour has indicated they may close that loophole and who knows what they will announce net month

.

If your the next tech entrepreneur your probably better of in US I am sad to say. At least when it comes to an IPO you have access to a much deeper equity market than in UK. Not even ARM a UK company wanted to IPO in UK and now not even Revolut wants to IPO either but new UK gov is now begging them to reconsider...lol.

Me personally there is nothing that can convince me to move to the UK. High crime, decreasing standard of living, bad weather, decay, increasing absolute poverty rate, local government bankruptcies and high taxes with more increases on way etc is not tempting at all .

 

[luap]

There is a lot of talk of the UK implementing exit tax. One reason which makes me to believe they will be imposed is that the replacement for the non-dom scheme is 4 years: "It will be replaced by a new special status which can be claimed during the first four years of tax residency in the UK".

Many people will be tempted to naturalise in the UK, which is 5 years, just 1 year of being a fully fledged tax resident after the non-dom replacement ends. Now, being fully fledged UK tax resident (and citizen), I'm guessing they would then be liable to any incoming exit tax. Nice way for the government to trap people.

 

[wellington]

next tech entrepreneur your probably better of in US

On the tech front the US is behind Asia specifically China in many fields

Better to move to Asia

 

[Martin Everson]

Many people will be tempted to naturalise in the UK, which is 5 years, just 1 year of being a fully fledged tax resident after the non-dom replacement ends.

Yes this would have been reason in the past. But along came a thing called Brexit that weakened the UK passport and its access to EU. Assuming one has a bad passport anyway then acquiring the UK passport maybe useful for travel but then CBI passport will probably be cheaper for travel.

Now, being fully fledged UK tax resident (and citizen), I'm guessing they would then be liable to any incoming exit tax. Nice way for the government to trap people.

Very true. The question is living in UK or acquiring a British passport worth 40% IHT or paying any potential exit tax?

Better to move to Asia

This should be ultimate goal as global wealth is slowly moving east.

Mapped: Global Wealth by Region (2023-2028F)

This graphic shows the latest forecasts for net wealth by region, highlighting the dominance of three key regions.

www.visualcapitalist.com

 

[jafo]

On the tech front the US is behind Asia specifically China in many fields

Better to move to Asia

Yes this would have been reason in the past. But along came a thing called Brexit that weakened the UK passport and its access to EU. Assuming one has a bad passport anyway then acquiring the UK passport maybe useful for travel but then CBI passport will probably be cheaper for travel.



Very true. The question is living in UK or acquiring a British passport worth 40% IHT or paying any potential exit tax?



This should be ultimate goal as global wealth is slowly moving east.

Mapped: Global Wealth by Region (2023-2028F)

This graphic shows the latest forecasts for net wealth by region, highlighting the dominance of three key regions.

www.visualcapitalist.com

I 100% agree with you both!
I'm still living in the "West" (if one can call Monaco and a company in Zug "the West") and working part-time in Latin America because I visit my clients (and some sup-pliers) there.

I'm making my transition (NOT gender-related ) to the East. Still, it's a slow process as I have to be very selective, and the country I am going to is quite circumspect about my motives, notwithstanding going there for (a bit) more than four decades. Of course, I am asking for a special tax ruling, but the fact that I am a "Gweilo/Guizi" (in their eyes) isn't helping me much.

 

[Watchingtheweasels]

The wealthy people living in the UK must really be scared! Does anyone know if it could actually get as bad as they expect?

I don't know if any of this is driven by fear, it's just business. When a supplier (in this case, a supplier of a place to live and conduct your affairs otherwise known as a country) begins to make unreasonable demands, you simply end your contractual relationship with them and look for new suppliers. It has been so long since most governments in the west put the freedom and interests of their citizens front and center, that the lack of loyalty has now become mutual.

If you think the damage done to the UK in the last 27 years was bad, wait till you see what the globalist charlatan Keir Starmer has got coming for the British. Their plan of intentional destruction is about to go into overdrive.

Also, don't think that the rather large moat to our east will protect Americans from this sort of thing should November go badly. Unrealized capital gains and a 40% capital gains tax has already been floated here by one of the candidates, as has eliminating the filibuster in the Senate to more easily push through policy.

 

[Sols]

Labour crackdown on non-doms may raise no money, officials fear

Exclusive: Watchdog may conclude that emigration of wealthy individuals could actually cost Treasury revenue

www.theguardian.com

 

[wellington]

Yes this would have been reason in the past. But along came a thing called Brexit that weakened the UK passport and its access to EU. Assuming one has a bad passport anyway then acquiring the UK passport maybe useful for travel but then CBI passport will probably be cheaper for travel.



Very true. The question is living in UK or acquiring a British passport worth 40% IHT or paying any potential exit tax?



This should be ultimate goal as global wealth is slowly moving east.

Mapped: Global Wealth by Region (2023-2028F)

This graphic shows the latest forecasts for net wealth by region, highlighting the dominance of three key regions.

www.visualcapitalist.com

Haven’t checked the visual out but monsoon region from Kenya through to south East Asia is in its peak productivity or early productivity period in the case of India

So yeah wealth will like like water

 

[wellington]

I 100% agree with you both!
I'm still living in the "West" (if one can call Monaco and a company in Zug "the West") and working part-time in Latin America because I visit my clients (and some sup-pliers) there.

I'm making my transition (NOT gender-related ) to the East. Still, it's a slow process as I have to be very selective, and the country I am going to is quite circumspect about my motives, notwithstanding going there for (a bit) more than four decades. Of course, I am asking for a special tax ruling, but the fact that I am a "Gweilo/Guizi" (in their eyes) isn't helping me much.

Just opt for Dubai for your ailing age - if kids remain in Monaco it won’t change there for 10 more years

 

[wellington]

Labour crackdown on non-doms may raise no money, officials fear

Exclusive: Watchdog may conclude that emigration of wealthy individuals could actually cost Treasury revenue

www.theguardian.com

They will opt for taxation world wide like the US

It’s why they started giving us the vote

 

[jafo]

When a supplier (in this case, a supplier of a place to live and conduct your affairs otherwise known as a country) begins to make unreasonable demands, you simply end your contractual relationship with them and look for new suppliers. It has been so long since most governments in the west put the freedom and interests of their citizens front and center, that the lack of loyalty has now become mutual.

100%! Exactly this!

 

[Martin Everson]

UK chancellor ready to water down planned tax raid on ‘non-doms’​

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Changes to UK Inheritance Tax: What can you do now?​

Changes to UK Inheritance Tax: What can you do now? | Withersworldwide

www.withersworldwide.com

 

[manukahoney]

UK chancellor ready to water down planned tax raid on ‘non-doms’

Too little, too late.
Will miss London though.