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

[Alonzo]

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!

I mean yeah don’t believe everything you see on the internet ‍ I was surprised and skeptical about Canada.

 

[Martin Everson]

UBS recently released its wealth report of this year and this is their estimate on millionaire population growth

View attachment 8017

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

 

[Martin Everson]

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

 

[manukahoney]

So basically copying Italy, but worse?
You'll still need to declare all your assets for them to assess them. I mean you had to do it with non-dom, but you didn't need to disclose valuations of non-liquid assets.

 

[thomasparra]

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

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