The Sunday Times Rich List this year has reported the largest fall in the UK’s billionaire count in the guide’s 36-year history (down to 165 from a peak of 177). This is because, its authors reveal, “the world’s wealthy are starting to leave”. Considering it is only very recently that the Government announced the abolition of the once attractive tax regime for UK resident non-domiciled individuals (non doms), you might conclude that announcement was not a significant factor behind this exodus. However, none of this has happened in a vacuum and, when one considers the backdrop of political events, it is clear this is not the case.
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This article is a part of the TL4PC Newsletter, Issue 15, titled Wealth without borders: exploring private client offshore. Click here to read more: https://thoughtleaders4.com/private-client/private-client-knowledge-hub