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UK Faces £1 Billion Tax Loss as Wealthy Flee

6/8/2025

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Summary

Story summary

Following the UK Chancellor's decision to eliminate the non-dom tax regime, a wave of prominent figures, including Richard Gnodde, Lakshmi Mittal, and Guillaume Pousaz, have fled to tax-friendly nations. Wealth advisers caution that this mass departure could result in a staggering loss of over £1 billion in tax revenue for the UK.

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Story summary

Following the UK Chancellor's decision to eliminate the non-dom tax regime, a wave of prominent figures, including Richard Gnodde, Lakshmi Mittal, and Guillaume Pousaz, have fled to tax-friendly nations. Wealth advisers caution that this mass departure could result in a staggering loss of over £1 billion in tax revenue for the UK.