The UK government’s plan to scrap the “non-dom” tax status—a policy that allowed wealthy foreign residents to avoid taxes on overseas income—was designed to close a loophole and raise billions of pounds in tax revenue. However, according to a new study from the Centre for Economics and Business Research, it might end up costing the economy more than it brings in if just one in four of the 74,000 people affected chooses to leave the country.

In this week’s episode of In the City, hosts Allegra Stratton and Francine Lacqua sit down with Nimesh Shah, chief executive of Blick Rothenberg, to unpack what’s at stake. 

The UK government&rsquo;s plan to scrap the &ldquo;non-dom&rdquo; tax status&mdash;a policy that allowed wealthy foreign residents to avoid taxes on overseas income&mdash;was designed to close a loophole and raise billions of pounds in tax revenue. However, according to a new study from the Centre for Economics and Business Research, it might end up costing the economy more than it brings in if just one in four of the 74,000 people affected chooses to leave the country. In this week&rsquo;s episode of In the City, hosts Allegra Stratton and Francine Lacqua sit down with Nimesh Shah, chief executive of Blick Rothenberg, to unpack what&rsquo;s at stake.&nbsp;

Get ahead of the trends and conversations that are shaping the City of London. Join Bloomberg's Francine Lacqua, Allegra Stratton and Dave Merritt every Thursday as they uncover the best stories and speak to the people in the know. 

Get ahead of the trends and conversations that are shaping the City of London. Join Bloomberg's Francine Lacqua, Allegra Stratton and Dave Merritt every Thursday as they uncover the best stories and speak to the people in the know.

Every week, Francine Lacqua and David Merritt go behind the scenes in the City of London, uncovering stories and speaking to the people that matter.

In the City

Get ahead of the trends and conversations that are shaping the City of London. Join Bloomberg's Francine Lacqua, Allegra Stratton and David Merritt every Thursday as they uncover the best stories and speak to the people in the know. 

Get ahead of the trends and conversations that are shaping the City of London. Join Bloomberg's Francine Lacqua, Allegra Stratton and David Merritt every Thursday as they uncover the best stories and speak to the people in the know.

In The City

Could This Tax Overhaul Spark a UK Wealth Exodus?

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/f2950900-5d63-45a4-b759-b2dd01658b0d/transcript

Advertisement