‘Petrified’ non-doms poised to flee UK over Labour’s tax plans, say experts

“People are jumping on planes right now and leaving,” said Nimesh Shah, the chief executive of Blick Rothenberg, an accountancy firm that specialises in advising very rich “non-doms” on their tax affairs.

Photograph: WPA/Getty ImagesHowever, Jeremy Hunt, the chancellor, surprised the wealthy – and Labour – by stealing the policy and announcing in the spring budget the abolition of the regime from April 2025.

Shah and several other advisers contacted by the Guardian said many non-dom clients were exploring moving to Italy, which introduced a scheme through which rich people could pay a “flat tax” of just €100,000 no matter how much money they earned.

Andrew Goldstone, a partner at Mishcon de Reya who specialises in advising high net worth people on offshore tax and trusts, said his clients thought the Conservative and Labour plans were “entirely politically motivated and economically foolish, on the basis that the very wealthiest will leave the UK and take with them their spending, investment, jobs and businesses”.

Sophie Dworetzsky, a partner advising the super-rich at Charles Russell Speechlys, said her clients thought Labour’s proposals “feel like trying to squeeze out every last drop until there’s nothing left”.

Photograph: Hannah McKay/ReutersOther famous non-doms have included the steel magnate billionaire Lakshmi Mittal; the Daily Mail owner Lord Rothermere; the oligarch and former owner of Chelsea football club Roman Abramovich; Lord Ashcroft, the multimillionaire former deputy chair of the Conservative party; and Sir James Goldsmith and his children, including the Conservative minister and longtime friend of Boris Johnson, Zac Goldsmith.