Britain relaxes tax rules for wealthy foreigners - The measure aims to prevent billionaires from leaving the country
The United Kingdom is to relax some planned changes to its controversial tax rule for foreigners, following concerns about an exodus of millionaires.
The UK's 200-year-old regime allows people who live in the UK but are domiciled elsewhere for tax purposes to avoid paying taxes on overseas income and capital gains for up to 15 years.
This situation has long been controversial, leading UK Finance Minister Rachel Reeves to confirm in the October budget that the regime will be abolished from April 2025 and that all long-term residents will be subject to inheritance and worldwide asset tax.
Speaking at a special event at the World Economic Forum in Davos, Reeves said the government would soon table an amendment to the country's Finance Bill, easing the rules that allow non-residents to bring money into the UK without paying significant tax.
Reeves also sought to reassure wealthy overseas investors that the changes would not affect double taxation agreements held between Britain and other countries.
The government's decision in October was part of wider measures targeting the high-end, with new taxes imposed on private equity leaders, private schools, second homes and private jets.
Critics warned at the time that the moves would prompt a mass exodus of ultra-wealthy individuals, many of whom, they said, would be key contributors to the government's pro-investment agenda.
Around 10,800 millionaires left the UK last year, according to figures updated by global analytics firm New World Wealth, a 157% increase compared to 2023.
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