Nearly 40 per cent of non-doms are considering leaving UK, according to top accountancy firm

 
James Nickerson
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Baylis said that non-doms leaving will be a real blow to the UK economy (Source: Getty)

Nearly 40 per cent of non-doms are thinking of permanently leaving the UK, according to a top accountancy firm.

Top ten accountancy firm Moore Stephens has found that 37 per cent of non-doms are considering leaving, with 64 per cent citing changes to their tax status as a reason for considering such a move.

Moore Stephens added that high numbers of non-doms leaving the UK could cause serious harm to the economy, particularly post-Brexit where foreign direct investment will be more important than ever.

Read more: UK firms sceptical of new government consultation on tax rules for non-doms

Simon Baylis, partner at Moore Stephens said: “Should high numbers of non-doms choose to leave it would be a real blow to the economy.”

“Not only do non-doms contribute a significant amount through taxes but our economy is further boosted by the jobs they provide through their businesses, and their spending and investment in UK’s industries and products.

The research comes after changes announced in the Summer Budget of 2015 came into effect from April 2017, altering he tax status of those non-doms who have been resident in the UK for a prolonged period of time.

This will mean that those non-doms will be considered UK domiciled for income, capital gains and even inheritance tax purposes.

“By changing the taxation of non-doms the government has essentially provided an incentive for non-doms to seek potentially greener pastures elsewhere," Baylis added.

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