[gmt2027]

The government is getting rid of tax exemptions for non-domiciled individuals who up to this point did not need to pay tax on foreign source income that was not brought into the UK. The economy overall is in a dire state, Labour are projected to win the election this week in a landslide. The rich are worried about further tax raids from a left wing government.

[ksec]

I had to look this up [1] as it doesn't make any sense. Turns out that is true. No wonder why they are all moving out of UK. The plan was that they could tax them and generate their projected £3B tax revenue. When they are all gone, which means not only do you not get those £3B you also lose all their potential spendings in the city.

[1] https://www.bbc.com/news/business-32216346

[tardy_one]

Ah.. The UK is complying with OECD guidelines and leaving the race to the bottom.. What percentage of non domiciled have to actually become domiciled to make up for the rest, who paid flat tax and couldn't risk investing in the UK?

[ksec]

Well if everyone is doing it then it is certainly a good thing. I don't think the BBC article mentioned anything about OECD.

Which goes back to question one, why are they leaving UK now?

[tardy_one]

I think all countries that are similar are discussing tax reforms or expecting eventual consequences. That doesn't mean all of them are doing the reforms this year.