‘Petrified’ non-doms poised to flee UK over Labour’s tax plans

[jafo]

I'm starting to wonder if they will begin taxing passport holders, too, the way the US is doing. If they do, I just simply won't renew since I have other options. Also, I will NEVER EVER step foot in the UK again. Family visits would be over. F*ck that!

 

[wellington]

I will NEVER EVER step foot in the UK again. Family visits would be over. F*ck that!

Thats usually a good thing, also since covid funerals are streamed so you don’t even need to fly to attend those now.

 

[jafo]

Thats usually a good thing, also since covid funerals are streamed so you don’t even need to fly to attend those now.

It's funny you just mentioned that. I've been attending them all via streamed services. Pre-P(l)andemic, I wasn't even aware of this industry, but since then, I've attended at least 16 (family, friends, acquaintances, buyers, and suppliers). Ironically, vaccinated people are suddenly dying, but what do I know?

This is one I attended two weeks ago.

Died suddenly! This man is younger than me. He was a pharmacist at a multinational. He was in much better physical condition than +95% of the population. He was super healthy! The only difference? He was jabbed and twice boosted to keep his job that he NO longer needed. The man acquired low eight figures when he sold his chain of pharmacies (only 9) to a multinational. He chose to continue working as a pharmacy manager so that he would not get bored at home.

So sad!

 

[Martin Everson]

Labour confirms removal of IHT trust protection in non-dom policy details​

Labour confirms removal of IHT trust protection in non-dom policy details | International Adviser

The 50% deduction in 2025/6 will be scrapped and the temporary repatriation facility will probably be extended

international-adviser.com

--- quote start

Under the proposals Labour plans to include all foreign assets held in a trust within the scope of UK IHT, whenever they were settled; and remove the 50 percent reduction in foreign income subject to UK tax in 2025/26 under the proposed transitional rules for those non-doms who are subject to UK tax on a worldwide basis from that date.

---- quote end


Ok so under a UK Labour government the party is completely over for UK non-doms. The conservative loophole with use of trusts by non-doms to avoid IHT will be closed .........RUN!!!!!

P.S I expect Rishi Sunak and his wife to leave the UK in the medium to long term if he leaves office. I bet she misses her non-dom status so far .