MEZIESBLOG

Chancellor Rachel Reeves has been speaking at a fringe event at the World Economic Forum in Davos.

Asked about the 10,800 millionaires who left the UK last year, Ms Reeves revealed the government will be tabling an amendment to the Finance Bill, which will see the October budget’s taxation plans become law.

“We have been listening to the concerns that have been raised by the non-dom community,” she told Emma Tucker, editor of The Wall Street Journal.

The amendment will increase the amount of money non-domiciled residents can bring immediately to the UK without paying significant taxes.

No change to double-taxation agreements

The chancellor also tried to reassure non-doms the changes to rules would not affect double-taxation agreements with other countries.

“There’s been some concerns from countries that have double taxation conventions with the UK, including India, that they would be drawn into paying inheritance tax,” she said. 

“That’s not the case: we are not going to be changing those double-taxation conventions.”

A Treasury source told The Times: “We’re always interested in hearing ideas for making our tax regime more attractive to talented entrepreneurs and business leaders from around the world to help create jobs and wealth in the UK.”

The UK lost a net 10,800 millionaires to migration last year, a 157% increase on 2023.

The actual number who moved out is even higher because the net figure takes into account the millionaires who arrived in the UK.

A study found the exodus accelerated after the general election was called.