CNBC’s Karen Gilchrist explains how plans to abolish the U.K.’s non-dom tax concession could spark an exodus of the ultra-wealthy.
UK faces ultra-wealthy exodus amid non-dom tax changes
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CNBC’s Karen Gilchrist explains how plans to abolish the U.K.’s non-dom tax concession could spark an exodus of the ultra-wealthy.
Do us a favour and go as more than 2 thirds are foreign oh and israel is no longer a bolt hole 😂 BYE dont let the door hit you where the good lord split you
Good,bye,we will replace you with better.
The better as you refer too won’t be coming here to a banana republic which Britain has become
Weimar Republic
Great.
We Don’t Want Sociopathic Millionaires and Billionaires here…..🎉
Off you pop…🎉😂👍
If they try to return, tax them double. 😊
Why would they return? Good luck to them. The UK is against people who want to take responsibility for their lives, not only the rich. Do you know how much you get from the government if you work full time on the minimum wage, have no kids, are not pension age, are not disabled and not a carer? You pay a lot of tax, and you get nothing. Well, maybe you can count the use of the roads. I wouldn’t even count the NHS, though, because despite being forced to pay for it, you can’t rely on it, and so if you care about yourself, you have to buy private insurance.
Good riddance. Don’t come back. Ordinary people never benefited from the taxes ultra-wealthy are avoiding to pay
Not like tricledown works anyway.
they should leave…
If I was PM Id just say great. Pop to my surgery an ill stamp your passport for you.
Here we go again, the rich deploying countermeasures. Don’t tax us, or we will flee.
Oh good…
They have been primising us this for years. Can remember John Major threatening to stop Non doms. Its all BS. They will back down and do nothing at all.
Why would we retain free loaders? What benefit is that ?
Get em taxed properly. Or wave them off. 😂
Please don’t leave…
The people of the UK do not want American tax dodgers in the UK.
They are invited cordially to leave as soon as they can and take their complaints with them as they go.
👋
Ultra wealthy threatening to leave if they have to pay a little bit more. What a surprise!
(Secret: they never do)
Switzerland: varies by region
Gee I know where to go for all my facts now thanks cnbc
Why have you not already left? Were you not able to use google? Seriously?
1:30
So what if they leave! They didn’t pay tax under the Tories, so it’s not as if we are going to miss the money!!
If the ultra rich are not paying tax, what is the loss of them leaving?
Let them leave. They shouldn’t be in the UK if they are not willing to pay their fair share towards our society and the rest of the world should stand up against these ultra wealthy individuals too.
Someone who pays nothing and extracts wealth without taxation is a burden.
They pay to get the biggest bang for their buck, they’ve zero interest in the interests of whichever nation they happen to jump on. Locusts look quite compassionate compared to them.
This is complete bo**ocks, if these ‘people’ don’t want to pay the taxes they should in the Uk then nobody wants them here. I am sure these TAX DODGERS will be very happy in the LAND OF GREED
I live in England, we’re all devastated by this, trust me.
Well myself and my wife are hardly ultra wealthy, but we have already booked to look at two other countries where we can buy property, live and obtain citizenship because it is not acceptable to us having worked hard all our lives and saved that we are maybe going to have so much taken from us to finance more illegal immigrants.
Mate you are a thousand % right I don’t care if you are a millionaire or not but. I think YOU should have the right to say hold on why should I pay into the system. But some one that doesn’t gets the benefit. To me this makes me sick. So make if I were you. And younger. I’d be off like a shit. Don’t wait for this government to rip away what you’ve worked for just to give YOUR money to illegal immigrants this to me is morally wrong
The comments here prove that the motive behind taxation is not to help “the poor” but to hurt “the rich”.
THIS
They don’t contribute now so would we notice if they all left . Good luck trying to get their property out of the country 😂 Trickle down economics is a myth .
Nonsense. People live in London, cuz IT’S F*CKIN LONDON! Tax the rich.
Contribution to community: less than zero. Good riddance.
Bye Bye
The moving home not business don’t be fooled.
Good, great news.
Good. At last.
Blaa,blaa blaa blaa, same old spin, remember when all the investment was going to leave if the minimum wage came in? Well it’s been in 25 years now, so really,,,there shouldn’t be any investors to leave? Unless of course it was spin.😂😂😂🙈🙈🙈🦜🦜🦜🐑🐑
Bye.
Why shouldn’t they pay their Taxes in the country they live in, not one rule for them & another for everyone else like Sunaks wife.
Yer got to hand it to Mr sun cream he played a blinder !!!!!
They can go.
Thats a lie , good try journos
Let the tax dodgers go !
Bye, bye 👋🏼.
Good riddance
How kind of the government to give the rich two months notice that they’re going to increase their taxes giving them just enough time to arrange to get their millions out of the country and flee abroad. Unlike the removal of the pensioner’s Winter Fuel Allowance which came like a bolt out of the blue and a financial loss they can do sweet fuck all about.
It’s great to see most will go to These corrupt counties!! They will be caught later!!!
When the going gets tough, the wealthy get going.
Buy buy
A few more empty places for the homeless. Working class don’t need the ruling class (billionaires) they actually need us, the working class to acquiese in our exploitation. No profit otherwise.
No they wont, its just the Tufton st fear mongers putting fear in the hearts of our elderly. Hoping to get Starmer out quick because they have lost control of who gets the tax payers money. Integrity abounds, the people who leave the country everbody hates and would love them to just piss off then, they never go of course, if they did they wouldnt missed, in fact, we would be better off as Labour will not be paying the hundreds of billions to their made up companies, they never do. Got nowt left anyway, lol.
Good riddance, shut the door on your way out
Parasites heading off to suck the life out of another country 😂
Salty socialists that don’t realise , when the rich flee they’ll tax them … Turkey’s for Christmas .
Brexit was the choice of the people –
A bloody good choice too
Speaking as a Brit they can go. They are all leaches.
It doesn’t matter that they leave. What matters is they are not still profiting from people and property from within the UK
Cheerio !!!!
By don’t forget to shut the door as you leave. You rich greedy Bastards …..
Honest question, why the hell would any wealthy person want to live in the UK? They are hated by the political, media classes. They are bled dry to pay for pointless vanity project of out of touch middle managers and mid-wits in the public sector and government. Also, in the UK you are actively penalised for earning more money… Hence the mass exodus of thousands of people worth of £1 million since 2019. Conservative in name only Tory & woke Labour policies are devolving the UK in to a third world cesspit.
Boohoo,
Now they have to think up new ways creating wealth in order to maintain their income levels, instead of extracting wealth and impoverishing people.
These ultra sick people need to return back to reality. I know one who ones 65 properties in central London and he thinks he thinks he’s doing us all a national service.
If you don’t pay tax in my country, then fuck off, we don’t need you.
I am very sure that if any major companies leave the UK someone will take over anyway.
The threat has been hanging over the public’s heads for too long that it’s not a threat any more.
If they sell assets prices will fall, if non dom status is dissolved then investment will fall, tax revenues will fall, the country will become poorer
lol ‘ wondering how welcome they are here’ more likely wondering where they can go to use all the country has to offer but contribute nothing towards it or resent paying anything 😂
They already gone.
Are we meant to be concerned?
Middle class being wiped out meanwhile.
Good riddance.
Why should they have the right to live here and pay less tax than a British citizen? If they don’t want to play fair, good riddance!
As we discovered during the pandemic, the ultra wealthy are not essential workers. They all ran away to their private yachts, islands and country estates, and no one noticed. Kensington and Chelsea were like ghost towns. Life carried on without them.
If they’re not paying taxes because they’re non doms, then losing them has no effect on tax receipts.
Most of these people make money by shuffling money around through an array of shell companies, or other forms of money laundering. They don’t produce anything they just live off what other people produce.
People living in countries that don’t have a large number of parasitic rich people sucking the wealth out of the country are much better off. E.g. Sweden, Finland, Norway, Germany.
The idea that wealthy ‘invest’ in the economy and the wealth they create trickles down to ordinary people has been shown to be false by the experience of the last 40 years.
If the wealthy ‘invest’ why are British companies valued so much lower than comparable companies in other countries and why is R&D spending in the UK the second lowest amongst all OECD countries?
It’ll be good for the country to be rid of these parasites
What difference will that make they don’t pay taxes so they can politely just go away.
Do Russians own football franchises in Murca?
No more scrounging.
Bye
Let the go, so they’ll probably keep a few more bucks, but wherever they live, there will be unwanted problems, just different ones
“The lobby group I’ve spoken to …”. Well, they’d be a reliable source of information, wouldn’t they?
Great news. The wealthiest people pay a miniscule amount of tax in comparison to the total generated by the Govt. Working class can pay a higher percentage of their income than these parasites. Good riddance !!
The only ones who can leave are parasites. The ones that can’t leave own UK assets and they need to be taxed on those assets.
Good let them go if your going to dodge paying your fare share get out the country .
No, they won’t.
That’s fantastic news. They’re here, not for the UK, but for their own financial well being. Only high end Real Estate agents will be sad. Hopefully, it may bring the over inflated house prices down and thus a domino effect, so young people may get an affordable home.
Good. Leave the country and give the country back to the people. Sick of the wealthy getting tax breaks while the rest of us are paying 30 to 45 percent.
Wealthy people are not contributing to the economy, they are hoarding wealth and buying up assets and becoming landlords and lenders to a debt-ridden population. Disgusting.
Good, if you don’t pay your fair share Fuc***f.
Good, trickle down economics is a sham. More like hoover up economics. The ultra wealthy buy food a goods at the same rate as us plebs so the VAT income from these people is negligible. What they do is invest their money in things like property and business, draw a mediocre salary, and top themselves up with money borrowed against their investments in a never ending cycle of free credit. This inflates the price of stock by increasing the scarcity and Increases the cost of borrowing. The plebs pay more as repayment costs inevitably rise and as a result their overall pocket is squeezed. Eventually businesses that rely on pleb money go bust, usually in the service industry first but then its construction and infrastructure closely followed by manufacturing etc etc, as people have little to no spare cash. Government budgets get squeezed out, national services get privatised to subsidise them, and then when everything goes tits up the shareholders and paymasters get in there first to hoover up all the remaining wealth and buy more flats while the employees get reamed and the cycle just repeats itself until the population is bled completely fucking dry. The system is beyond broken.
Good Riddance.
We’re also going to restart our own motor manufacturing with the help of our Chinese and Russian allies.
Glad you like it
Let them go.
Boohoo Americans
Don’t forget to close the door after you.
lmao behave
Everyone who can sfford to leave is mps have turned our country into a shithole with imigration and is now unsafe
Rich can clear off if that’s what makes them happy.
Don’t slam the door on your way out, we might be able to finally get things done without the politicians greasing every pole they want to slide their accounts down.
Does this mean the Premiership bubble’s going to burst this year? That could get interesting :))
Stop this scaremongering to protect the rich against the middle class. You are paid to cartel the rich. Simples 😊😊😊😊
Not the first time this has happened, the same “exodus” happened back in the 70s. Guess who was in power at the time. Get ready for galloping inflation over the next 12 months.
Ultra wealthy investors my arse total propaganda, I would rather pay more and them piss off, take a walk around Marble Arch and see Wealth dripping from people who pay way less than they should
They are just being asked to pay the taxes that any other person in the UK would
So of course
They run….
Good the very wealthy don’t pay the required tax in the UK if they pay any tax at all. They should all leave, there are many many other very smart intelligent people who can run businesses or start up new businesses rather than the ultra rich. The ultra rich will find a dwindling number of areas in the world that they would be allowed to reside in without paying taxes.
Half the people on here are missing a point. It’s not just their property assets in the UK they’re selling up. Who cares about income for real estate agents. They’re relocating their businesses. This has a knock on effect in employment for ordinary people.
They all threatened this in 1997, not a single one left.
They’re sulking because they won’t be able to avoid the taxes they should be paying.
Quite frankly, they can pay their dues or FRO.
Itsnot justthe rich leaveing everybody but Muslim want out if the uk .last one outshutthedoor to stop the Muslim following
Unfortunately changing the non dom rules might seem appealing but there are unintended consequences for doing so. Firstly the rules also allow HMRC to tax British citizens for 17/20 years after they leave. These arrangements are generally bi-lateral so agreed between HMG and the other country in question. Frankly the ditching of non dom status may well cause repercussions and if UK non dom revenue>non dom revenue it’s going to cost you.
Secondly the London housing market is the only one in the UK that created consistent growth over the last 25 years and that growth has driven growth in other parts of the UK. If the non dom ups and leaves potentially there’s disproportionate capital flight.
It’s a tricky one and MPs with London houses are hardly likely to want to take one for the team.
Ive lived here all my life and im 61 in a couple of months. I hate the way this Country is being run and how we are being screwed over. Im working class and may look at getting out myself now as Labour are the pits😡
Grate Britain should really be called The land of dispare!
Wealthy groups including ex prime ministers & their associates have gained wealth & assets through business interests from the buying public now they want out they should have to pay an exit fee or pay their taxes
Good riddance to them, they contribute nothing to the UK anyway as all their wealth is held offshore in tax havens worldwide. This is the same old Tory trope that has worked for years for the masses of uneducated daily mail and daily expresses readers. Doesn’t really work this time. People are far more aware of these hard-right PR soundbites and see them for the BS they are. Go and reside in Russia or some other violent society and they’ll soon be crying to come back.
Good riddance
Eat the rich.
Good riddance. Change the law so they can never come back.