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UK's Tax Exemption Axe: 16,500 Millionaires May Leave

7/3/2025

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Summary

Story summary

U.K. Chancellor Rachel Reeves has taken a bold step by abolishing the tax exemption on offshore trusts, triggering a mass departure of affluent figures like Goldman Sachs' Richard Gnodde and Egypt's Nassef Sawiris. Experts warn that the U.K. could see a staggering loss of 16,500 millionaires in 2024, sparking fears over economic stability and dwindling tax revenues.

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Story summary

U.K. Chancellor Rachel Reeves has taken a bold step by abolishing the tax exemption on offshore trusts, triggering a mass departure of affluent figures like Goldman Sachs' Richard Gnodde and Egypt's Nassef Sawiris. Experts warn that the U.K. could see a staggering loss of 16,500 millionaires in 2024, sparking fears over economic stability and dwindling tax revenues.