Non-dom applications cut by 25%

clock

Higher taxes aimed at raising millions in tax revenue from non-domiciled residents have slowed down the number of wealthy business people moving to the UK, a study has shown.

Treasury data obtained under the Freedom of Information Act and a study by Cass Business school of 25 leading wealth advisers indicates tax hikes introduced by the Finance Act 2008 have lead to approximately 25% fewer non-dom applications. The Finance Act imposed a £30,000 fee on non-doms resident in the UK for seven years or more, who wish to remain taxed only on their UK income. Preliminary figures from Revenue & Customs showed 4,200 people paid the charge for the 2008-09 tax year, in line with Treasury expectations, the Financial Times reports. However, estimates a further 14,00...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

London pushed out of top five wealthiest cities as millionaires exit

London pushed out of top five wealthiest cities as millionaires exit

Comes as Labour cracks down on non-doms

Sahar Nazir
clock 09 April 2025 • 1 min read
BoE governor assures chancellor that UK markets 'are functioning effectively'

BoE governor assures chancellor that UK markets 'are functioning effectively'

Banking system 'resilient'

Linus Uhlig
clock 09 April 2025 • 2 min read
Gilt yields increase as part of sell-off of government debt

Gilt yields increase as part of sell-off of government debt

Investor unloading of US Treasuries drags government borrowing costs higher globally

Jonathan Stapleton
clock 09 April 2025 • 1 min read