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Billionaire Biddom left Britain on the day Hunt scrapped tax cuts, adviser says | super rich

Billionaire Biddom left Britain on the day Hunt scrapped tax cuts, adviser says |  super rich
Billionaire Biddom left Britain on the day Hunt scrapped tax cuts, adviser says |  super rich

 


London-based billionaire non-dom left Britain for good the day Prime Minister Jeremy Hunt announced he would scrap the 225-year-old tax system in his spring budget, his tax adviser has revealed.

I had a billionaire client who flew on a private jet with his wife, children, and tutor to one of his 17 other homes in the world on March 6th, literally budget day. I will never come back, said John Barnett, a partner at law firm Burges Salmon. The company specializes in advising the super-rich on how to legally reduce their taxes.

Barnett and other wealthy tax advisers said dozens of non-resident clients had already left the UK to avoid UK tax on their overseas income after Hunt announced the abolition of the scheme from April 2025. More will leave for other countries such as Italy, Spain, France and Malta, which have special tax incentives designed to attract the very wealthy and highly mobile.

If you're part of the billionaire class and already own a home elsewhere, have a private tutor for your children and have a private jet ready to leave at a moment's notice, Barnett said at a conference celebrating the super rich at the Savoy Hotel in central London. . I don't think it's an immediate decision for most of the other groups down there. You have kids in school, you have to fight over your spouse, you have to sell your business, you have to buy a house, you have to make a 2-3 year decision to move.

Barnett predicted many non-domes would move abroad to avoid the increased tax burden, but said they would still spend a lot of time in the UK for popular social and sporting events, especially during the summer.

Many of these people will become non-residents, but you will still be able to spend three or four months here in the summer. [before the Treasury would consider someone a permanent resident]. So you can still go to Wimbledon or go to the Chelsea Flower Show or things like that.

There were 68,800 nondomes in the UK in 2021-22, according to the latest HM Revenue and Customs data.

Camilla Wallace, senior partner and tax adviser at London law firm Wedlake Bell, said many of her foreign clients wanted to leave the UK as soon as possible. She said a very lovely Brazilian client who had bought a very expensive house in central London and is now spending millions on it asked her where to go this week.

I told him it depends on what you like. Some people like mountains and skiing, some people like fancy things. So Monaco and Dubai are great for that. There are other things like islands and sailing, she said, speaking at the Spears 500 Wealth Management Conference last week. So we look at the human element of movement and then see what taxes are levied on it. [other countries] and is doing exceptionally well in some parts of Europe.

Barnett said many of his clients want to move to Italy. Italy has introduced a system where the rich can pay a flat tax of just 100,000 (85,000) no matter how much money they make.

France, Greece, Cyprus, Malta, Portugal and Spain have similar plans designed to attract wealthy, internationally mobile elites. Spain's expat tax regime has been nicknamed the Beckham Law after David Beckham, who became one of the first to use it when he played for Real Madrid in the mid-2000s.

There's something new [expatriate tax deal] Barnett said it's difficult to maintain that from week to week. Wallace added: We are closing our doors and everyone else is opening their doors.

Julia Hope, CEO of Innovate LSO Solutions, a company that encourages people to move to Barbados, said: “I’m sure we have a billionaire or two who could hop on a plane and spend some time with us. [the luxury resort] Sandy Lane or something [else] Exclusive.

Multi-millionaire non-dom entrepreneur Bassim Haidar told the Guardian earlier this month that he would leave the UK as soon as possible because abolishing the regime would cost him millions of dollars and pounds in taxes every year. This is what I actually created overseas and the business I created overseas.

Sources

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2/ https://www.theguardian.com/news/article/2024/may/28/billionaire-non-dom-quit-uk-hunt-scrapped-tax-breaks-taxes

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