Wealthy investors are considering leaving the U.K. as Labour plans to abolish the non-dom tax regime. This 200-year-old tax rule allows foreign-domiciled individuals living in the U.K. to avoid taxes on overseas income. A study from Oxford Economics found that nearly two-thirds of non-doms intend to leave the U.K. Countries like Switzerland, Monaco, and Dubai are actively courting these investors with tax incentives. The U.K.'s luxury real estate market has already felt the impact, with sales in London’s super-prime residential sector down 22% year-on-year.
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00:00It's Benzinga, and here's what's on the block.
00:03Wealthy investors are considering leaving the UK as Labour plans to abolish the non-DOM
00:07tax regime.
00:08This is a 200-year-old tax rule that allows foreign domiciled individuals living in the
00:12UK to avoid taxes on overseas income.
00:15A study from Oxford Economics found that nearly two-thirds of non-DOMs intend to leave the
00:20UK.
00:21Countries like Switzerland, Monaco, and Dubai are actively courting these investors with
00:25tax incentives.
00:26The UK's luxury real estate market has already felt the impact, with sales in London's super-prime
00:31residential sector down 22% year-over-year.
00:34For all things money, visit Benzinga.com.