…more Brexit damage comes to light. This time it is “non-doms” fleeing Britain because of Brexit risk:
The number of UK residents whose permanent home - or domicile - is outside of the UK has fallen by 13% to 78,300 in the last year. And that has hit Treasury revenues, according to law firm Pinsent Masons.
As a result, tax paid by so-called non-domiciled residents - or non-doms - has fallen 21% to £7.5bn, it said.
“Brexit uncertainty is driving out many of the wealthiest non-doms who are not prepared to hang around to find out the outcome," Pinsent Masons’ Josie Hills, said.
“The prospect of a Labour government is also very unappealing for high net worths - talk of monetary controls and wealth taxes are not well received," she said.
"Given that there could be a general election in the near future, many will not be willing to take the risk that this becomes a reality.”
“Non-doms make a huge contribution to HM Treasury’s coffers; this small group has contributed £45bn in tax over the last five years. The impacts of falling tax receipts from non-doms may only be felt once it’s too late," she warned.
I must say that I don’t have much sympathy with tax dodging non-doms.
Frog in a tree