After the UK millionaires escaped from the country, the rich foreigners will soften tax rules, Rachel Reeves says

Treasury confirmed that the British millionaires will soften some changes planned in the disputed non-dom territory after concerns about the outcome of the country.

The 200-year-old UK’s 200-year-old non-DOM regime allows people living in the UK, but in order for tax purposes, and allow them to avoid paying a fee of up to 15 years. The regime has been arguing for a long time, the British Finance Minister Rachel Reeves leads him October budget To confirm that it will be abolished in April 2025 and all long-term residents will be subject to the world’s assets, including trust in trust.

Speaking at the World Economic Forum in Davos, Reeves said that the government will soon provide an adjustment to the country’s financial bill, which will increase the generosity of a rule that allows the UK to bring important taxes to the UK. .

“We listen to the concerns raised by the Non Dom community,” said Reeves The Wall Street Journal answered the question about the latest departures of the EMMA Taker to Ultra Taker.

“In the financial bill, we will provide an adjustment that makes the transaction repatriation to bring money to the UK without paying significant taxes without paying significant taxes,” he said.

On Thursday, Reeves also tried to make sure rich foreign investors, changes will not affect double taxation contracts between the United Kingdom and other countries.

“There are some concerns from the countries with double taxation conventions with the United Kingdom, including some concerns, they will be involved in paying the inheritance tax. We do not intend to change these double taxation conventions,” he said.

In a statement to the CNBC, the plans, the Treasury spokesman said that these changes were designed to “bring their money to the UK to bring them to the UK to bring them to the UK and encourage them to spend this money here.

“Although we do not expect these changes that will affect the 33.8 billion pounds of tax income forecasting the OBR, they reflect our continuous connection with stakeholders to make sure that reforms declared in the budget.” .

In October, the government organized a part of the government’s hardness, private capital managers, private schools, private schools to the upper executives, which are higher than the upper echelons.

The critics warned that these steps will ignite Mass access of ultra rich – Accordingly, many of them will be the main contribution to the government’s investment-oriented agenda.

The global analyst firm New World Wealth and Investment Migration Consultants have left the UK last year since the updated figures of Henley & Partners, which means a 157% increase compared to 2023.

“Most of the appropriate HNW taxpayers will want to use the temporary repatriation (TRF) and welcome the news that the scheme will be more attractive”

COLLYER Bristow’s tax partner James Austen said that the amendment made on Thursday will be good for taxpayers, but it was suspected that it was enough to prevent the flow of wealth.

“The amendment to the government’s financial law is not a significant change in its plans, and many concerns about the new regime are related to the fact that it is especially true of trusts and IHTs. For most non-doms,” I do not expect the staff. “

“Although the TRF is still a good news for the non-dom community in the UK, it can only be late, but they can not prevent their separation plans, and others may not be too late for others,” he said. Matthew Braitvet, Wedlake Bellin Private Customer Offshore Team Head.