Tax regulations for wealthy foreigners after the escape of millionaire in the UK

British Treasury Secretary Rachel Reeves speaks at the Squawk Box of CNBC on January 22, 2025, outside the World Economic Forum in Davos, Switzerland.

Gary Miller | CNBC

The British confirmed that some of the non -national tax regulations, which have been controversial about the escape of the millionaires, will be alleviated.

The 200 -year history of the UK's 200 -year history is allowed to avoid tax payments for overseas income and capital gains for up to 15 years for up to 15 years. The regime has long been controversial, and Rachel Reeves, the British Treasury Secretary, confirms that the budget will be abolished in April 2025 and all long -term residents will be imposed on assets (IHT), including the following long -term residents. I did it. Trusted people.

Reeves said in a speech at the World Economic Forum in Davos that the government will soon submit an amendment to the state's financial bills. This is to strengthen the generosity of the regulations that allow non -National Assembly to bring funds to the UK without paying considerable taxes. .

In an interview with EMA TUCKER in The Wall Street Journal, he asked about the departure of the superfound layer, saying, “We have listened to the concerns raised by the Biom community.”

“In the financial bill, we will assume an amendment that makes the temporary repatriation system more generous,” she added.

Reeves also tried to reassure wealthy foreign investors on Thursday that this change would not affect the double tax agreement between the UK and other countries.

“There was a concern that countries with double taxation agreements, including India, will be involved in the payment of inheritance tax. In fact, we will not change this double tax agreement.” She said.

The financial spokesman said in a statement to CNBC and said that the mediation was designed to motivate the non-dome people to “bring funds to the UK and encourage them to spend and invest in the UK.”

The statement says, “This change does not expect to affect the $ 33.8 billion tax revenue that OBR will increase for five years, but reflects continuous participation with stakeholders so that the reforms published in the budget will work as intended.” I added.

The government's October non -government crackdown was part of a wide range of measures aimed at the upper class, and new charges were imposed on the president of private equity, private schools, second housing and private jets.

Critics warned that these movements would trigger mass escape from the superficials, and many of them said they would be a key contribution to the government's investment support agenda.

According to the latest numbers of global analytics NEW World Wealth and investment immigration advisors, Henley & Partners, about 10,800 millionaires left the UK last year. This is a 157% increase from 2023.

“Most of the eligible HNW taxpayers will welcome the news that they want to make the most of the temporary repatriation system (TRF) and that this system is more attractive.”

James Austen, a tax partner of Collyer Bristow, said that it would be good news for high -amount net taxpayers with many amendments announced on Thursday, but questioned whether it was enough to prevent wealth.

“The amendment of the financial bill proposed by the government has no significant change in the plan, and there are many concerns about the new system in relation to trusts and IHT. I do not expect this to” move the dial. ” ”I said by e -mail.

“TRF is still good news for the Biom community in the UK. Although it is only delaying the plan to leave England, it can not interfere with it, it can be too late for others, but now it can stay longer now,” he added. It is. Wedlake Bell's personal customer overseas team leader Matthew Braitwaeite.

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