Exodus of millionaires to accelerate as new non-dom rules bite

New laws introduced by Rachel Reeves could mean non-doms will be forced to pay 67% tax on their foreign businesses. The Adam Smith Institute (ASI) calculates that some non-doms will have to pay 45% in tax on the profits their foreign companies make plus an additional 39.5% tax on their dividends. “Taxing the foreign businesses of non-doms at rates of up to 67% is the kind of behaviour we might expect from an authoritarian regime – not from the birthplace of capitalism,” said Sam Bidwell, the ASI’s director of research and author of its Wealth Exodus report. “These proposals are nothing short of a slap in the face to the wealth creators who invest, pay taxes and create jobs in the UK. It’s no wonder that so many of them are considering leaving for good.” Figures show 30 millionaires left Britain every day last year, more than double the number in 2023. With the new rules coming into force on Sunday, there are fears the Chancellor’s tax hike could see this number climb further.