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

#121
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jafo said:
We should write ourselves a note to come back here in 2029 and see if UBS' forecast holds ANY water. I'm betting my scr0tvm they are so wrong it's scary!

If UBS knew a forecast with certainty, they would NOT share it with any of us—or even with each other! smi(&%
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I mean yeah don’t believe everything you see on the internet ‍thu&¤# I was surprised and skeptical about Canada.
 
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#122
Alonzo said:
UBS recently released its wealth report of this year and this is their estimate on millionaire population growth

View attachment 8017
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UK prediction seems fair to me....lol. Not sure on Germany however. Maybe a load of insolvency lawyers in Germany will all become millionaires overnight the way the economy is going :(

Germany’s economy is on track to shrink for a second straight year​

https://apnews.com/article/germany-economy-gdp-recession-government-a4d30f2e398d12afbd793d69c5ac76de
 
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#123

Lobby group urges Rachel Reeves to rethink non-dom tax hike to prevent exodus of wealthy residents​


https://bmmagazine.co.uk/in-busines...-hike-to-prevent-exodus-of-wealthy-residents/


----- quote start

The lobby group, which formed in June and has already met with Treasury officials, is proposing an alternative tiered tax system. This would see non-doms paying a fixed annual sum, scaled to their wealth, for a period of 15 years. Under the plan, someone with up to £100 million in personal wealth would pay an annual charge of £200,000, with those worth more than £500 million contributing £2 million annually. Currently, non-doms pay up to £60,000 a year.

Leslie MacLeod-Miller, a spokesperson for Foreign Investors for Britain, said: “We’re pleased the government is listening because this is a real issue. Britain is turning into a departure lounge, and without changes, we risk losing valuable investment and tax revenue.”

---- quote end
 
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#125
Martin Everson said:
UK prediction seems fair to me....lol. Not sure on Germany however. Maybe a load of insolvency lawyers in Germany will all become millionaires overnight the way the economy is going :(

Germany’s economy is on track to shrink for a second straight year​

https://apnews.com/article/germany-economy-gdp-recession-government-a4d30f2e398d12afbd793d69c5ac76de
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Their automotive sector will also suffer greatly from China's retaliations as the EU announced 35% custom tariffs on Chinese EVs. Germany was the only country with Slovenia (or Slovakia can't recall) to oppose EU tariffs on China lol
 
#126
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#127
Martin Everson said:

Premier League: Non-dom tax changes could be ‘own goal’ for No11​


https://www.msn.com/en-us/money/sav...hanges-could-be-own-goal-for-no11/ar-AA1sIWPc

I don't know about this ns2. I can't see the average young footballer playing in the premier league having any money management awareness. I don't think they will care too much about the changes unless they have very good financial advisors.
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But they all have agents and advisors who are all about maximising earnings...
 
#130
Sigh of relief in my home last night.

We're covered (been outside of the UK more than 10yrs+)

Kids will just have to study elsewhere if they wanted to go to Cambridge or Oxford that's now off the table so they get their 500k a year tax free allowance.

Aside from that was jiggling along into the marina this morning and then hit with double berthing fees, so brought back to reality but not such a hard amount to stomach.

My UK future inheritance (and my kids) i've basically privately written off and said best to not name us, and give to siblings etc.
 
#131
But for the Brits stuck or have only left in the past 10 yrs, they are fucked, well and truly, as for farmers or land holders (my family are) they will basically loose most of those assets to the state as the 20% tax is on a fixed asset that doesn't produce such a year or over its time basically you become a maintenance crew for lousy income and lousy work life balance but it is a responsibility.

In my families case over 500 yrs history and a Royal Charter from King George III about to end, our watch is over i guess (RiP), fitting actually father is retirement age, grandfather was still involved into his late 90's, i am not interested due to tax on wealth generated overseas so it's basically a excuse to hand it to the state in my family - consensus.
 
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#134
wellington said:
But for the Brits stuck or have only left in the past 10 yrs, they are fucked, well and truly, as for farmers or land holders (my family are) they will basically loose most of those assets to the state as the 20% tax is on a fixed asset that doesn't produce such a year or over its time basically you become a maintenance crew for lousy income and lousy work life balance but it is a responsibility.

In my families case over 500 yrs history and a Royal Charter from King George III about to end, our watch is over i guess (RiP), fitting actually father is retirement age, grandfather was still involved into his late 90's, i am not interested due to tax on wealth generated overseas so it's basically a excuse to hand it to the state in my family - consensus.
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Liz Truss argued that if they lower taxes, people will be more motivated to work, and the economy will grow. Apparently, her career as a prime minister lasted just 49 days.

It seems the UK moving in the direction of copying Soviet Russia.

slide_10.webp
 
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#135
Its the same assumption we had a couple of Years ago, a friend counter signed for the passports, we got all the way to the capital to file for them for the kids, and as we were about to walk in, i said, there's no going back once they are aware they exist, the wife thought about for about 10 seconds having spoken to her friends in the UK, and Europe in general over the prior months, and said, no, i am not doing that to them, thus our kids don't have UK Passports, they have citizenship by being born but that data isn't shared and i have zero interest in chaining them to that decline.

Once the news broke yesterday, she remarked, well if they MUST go to the UK for a minor education aspect then use one of their other citizenships.

Only remaining issue is my grandchildren by default are not British, so for that they HAVE to give birth in the UK but thats easy enough to achieve with cross-channel train/ferries in 20-30 yrs and private hospitals.

By then the UK SHOULD start to turn around but for the next 15 yrs its terminal due to the refinance cycle of the debt and the demographics of the country.
 
#136
One irk i had was just the blatant lies.

They remarked the economy should grow by 1% (.something)

They are refinancing the debt which adds 8-10% on-top of the debt.

It's like idiots leading idiots...
 
#137

Reforming the taxation of non-UK domiciled individuals​

https://www.gov.uk/government/publications/reforming-the-taxation-of-non-uk-domiciled-individuals


Ok I read the full non-dom reform changes and I would personally just leave the UK right now if I was a non-dom sill resident. There is no allowance for existing non-doms to shelter assets in a trust before transitioning and you are fully exposed IHT. The concept of non-dom for taxation purposes is basically dead. If you remain in the UK beyond 6 April 2025 your basically indicating your ok with 40% IHT if the worst happens to you on 6 April 2025 onwards and also world wide taxation.

The new 4 year scheme that replaces it is also a joke. You need to designate in a Self Assessment each year the assets your claiming tax relief on. If you missed an asset and failed to declare it you are not entitled to any tax relief and must pay full income or CGT tax on that asset. So you would need to keep detailed records if your offshore income streams and affairs are complex in order to benefit from the new replacement and also declare them in a Self Assessment tax return.

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24. A claim for the 4-year FIG regime will be treated as a claim to relief for tax purposes and will need to be made in a Self-Assessment tax return. A claim will need to be made before 31 January in the second tax year after the relevant year to which the claim relates. For example, a claim for the 4-year FIG regime for the 2025 to 2026 tax year will need to be made on or before 31 January 2028.

25. To claim the 4-year FIG regime, individuals will need to quantify the amount of income and gains for which relief is being claimed under the regime. If amounts of FIG are not quantified and included in the return, then individuals will remain chargeable and subject to tax at their usual rates.

---quote end


P.S Run and don't look back.
 
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#140
wellington said:
You have to submit a tax form?
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We rented out our properties to have a simple and universal source of income for any other jurisdiction, it makes my life so much easier. So yes, local income = tax form.
 
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