I'll stay in UK if Reeves drops non-dom raid, says castle-owning reality TV star

A celebrity couple moving to Italy to escape Rachel Reeves's non-dom tax raid have vowed to stay in the UK if the Chancellor reverses her plans.
Ann Kaplan Mulholland, a former TV star from The Real Housewives of Toronto, and her plastic surgery tycoon husband, Stephen Mulholland, said they would cancel their planned move to Milan if the Government changed course on its proposals.
'Should Rachel Reeves reverse the non-dom tax raid we would, without question, stay in the UK,' said the Canadian businesswoman, who co-owns Lympne castle in Kent.
Earlier this year, Ms Kaplan Mulholland vowed to move to Italy because she said the Treasury's non-dom plans would take an 'astronomical amount' of her £500m fortune.
Italy's tax regime is luring more disenchanted multimillionaires from overseas by offering an annual €200,000 (£170,000) flat tax on overseas income for new residents no matter how much they earn.
Ms Kaplan Mulholland said that Britain should copy the lump sum, which can save millionaires significant sums in tax.
She said that such a move 'would solve the bleed of investors such as ourselves exiting the UK and drive the economy in England in a positive direction'.
Labour's raid on the wealthy has already led a number of millionaires to flee the UK, triggering Ms Reeves to weigh up a reversal on her decision to charge 40pc inheritance tax on people's global assets.
Senior City sources told The Telegraph last week that they had been in talks with the Government about how to 'create something more competitive'.
The Chancellor scrapped the non-dom status in April, a move which had been widely expected, but also introduced the inheritance tax changes which have since been blamed for driving ultra-rich individuals abroad.
A number of high profile businessmen, including Goldman Sachs' most senior banker outside the US, Richard Gnodde, and Aston Villa co-owner, Nassef Sawiris, have left Britain in the wake of the tax raid.
Ms Kaplan Mulholland said the couple had invested heavily in the UK economy in recent years, purchasing a number of properties and a castle in Kent which she said employed almost 100 people.
'We are in the process of opening a third restaurant and a luxury hotel. None of this would have been considered and we would not have chosen the UK as our home or as an investment under the new regime. It is unfortunate.
'At this time we are well into the application process to move to Italy.
'The requirements and terms for an Italian tax-domicile are preferable for both the investor and the economy. Italy requires a €200,0000 [£170,000] plus €35,0000 spouse tax per annum but, unlike the UK, there is no tax on foreign assets or inheritance tax.'

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14 minutes ago

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DWP offering three month lifeline for 150,000 carer's set to lose benefits – will you be impacted?

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Daily Mail​

16 minutes ago

• Daily Mail​

EXCLUSIVE I quit the UK for a lower salary in Italy because my high-flying job was going to kill me - why I'll never go back

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Daily Mail​

16 minutes ago

• Daily Mail​

Why do so many sports stars go into football ownership? Gareth Bale could be latest high-profile icon to move upstairs as ex-Real Madrid man is lined up for Cardiff investment

One of the most curious questions in sport comes when a player calls it a day. What do they do with their free time? Punditry? Coaching? Sail off into the sunset to sit on their millions? It appears there is a new craze: ownership. More and more we are seeing former stars venture into the world of football business, and the latest name may be about to be added to what is becoming a lengthy list. That name belongs to a Welshman who became one of the best players of his generation. It belongs to Gareth Bale. According to The Athletic, Bale has been lined up by a US-based private equity group to front a takeover bid of Cardiff City. The group are said to be in talks over taking ownership of the League One outfit and are looking to partner with Bale as they look to strike a deal. Bale, who has ventured into punditry since retiring last year, could be set to become the new face of the Bluebirds. But which other sport stars have ventured into the world of football ownership? And why? Mail Sport takes a closer look... Gareth Bale is reportedly being lined up to front a takeover of League One side Cardiff City Tom Brady - Birmingham City NFL legend Tom Brady is a minority stakeholder in Birmingham City, regularly seen at games last season, in particular the EFL Trophy final defeat by Peterborough at Wembley. Tom Wagner of Knighthead Capital was behind the £35m deal to take over the club in 2023, before Brady hopped on board. When Brady jumped on board in 2023, Birmingham were fighting for their Championship status but it was too much of an ask under, for some of the run, the leadership of Wayne Rooney. Brady and Co got rid of John Eustace when he had the club challenging for the play-offs, hired Rooney, and spiralled towards relegation. Tony Mowbray and Gary Rowett tried to save them, but it was too little, too late. In the summer, they appointed Chris Davies to steer the ship and they have stormed the third tier. That's not been without spending over 30 times more than any other team in the league - including Wrexham - with Jay Stansfield the biggest purchase at £15million. Wagner, who is a financer by trade, spoke of his ambition to make his side a globally-recognised brand, spouting: 'You go to New York City, you go to LA (Los Angeles), you will see people wearing Birmingham City kit on the street. 'I don't really think they know what they're wearing but they will. We don't want to draw too much attention to it yet but they'll figure it out.' Luka Modric - Swansea City A Ballon d'Or winner and Real Madrid 's most decorated star with 28 major trophies and a veteran of 186 Croatia caps, Luka Modric has joined Swansea as an investor and co-owner. 'This is an exciting opportunity, Swansea has a strong identity, an incredible fanbase and the ambition to compete at the highest level,' he said upon the announcement, while holding a Swansea-branded football. Swansea's new owners have spoken about the need for the Welsh outfit to increase revenue and cut costs after the club made a pre-tax loss of £15.2million in the last financial year, and £17.9m the year before. They were looking for a world-class player to join as an investor to raise the club's global profile, with chairman Coleman saying Swansea must become 'a Championship club not doing Championship things'. Feelers were put out and Modric's long-term agent, Borja Couce, revealed his client was keen to seize the opportunity. Conversations ramped up at the end of last year, but the move was kept under wraps - Mail Sport understands large numbers of club staff weren't even aware something was brewing until a deal was near completion. Multiple meetings were held between Modric, Couce and Swansea's ownership over video call, and members of the club's hierarchy visited the Croat in Spain. Ronaldo - Real Valladolid Widely regarded as one of the greatest strikers in the history of football, Ronaldo - the Brazilian one - had delved into ownership in his post-playing days. O Femomeno was the majority shareholder in Spanish second division club Real Valladolid, who finished bottom of LaLiga last season to suffer relegation to the second tier again. The forward maestro took over the club in 2018, promising to take it forward - and fast. He took on 51 per cent of shares for a reported fee of around £22.3million, ans took on the role of board president. His four years in charge were certainly not boring. His side achieved two promotions but also suffered two relegations - finishing on `6 points last year, which was half the amount of the next-worst team and 25 short of safety. On the back of the disastrous campaign, the Brazil icon sold his stake in the club. His relationship with the fanbase had been damaged, and he had made just one visit to a game in the season. Fans donned banners reading 'Ronaldo Go Home', and they now have their wish. There are now new investors in charge and hopes of a brighter future. The Class of 92 - Salford City Salford City are bidding to 'do a Wrexham' under Manchester United icons David Beckham and Gary Neville after the duo were announced as the spearheads of a new ownership group. It meant that the rest of their former Class of 92 stars would be stepping away. The former Manchester United stars had held a 60 per cent share in the League Two club along with Paul Scholes, Phil Neville, Nicky Butt and Ryan Giggs. However, that quartet has now handed over their shares while Beckham and Neville have brought in new partners and investment of between £11-15million as they target Championship football within five years. Butt is no longer at the club, although Scholes will continue to advise on player trading and Giggs will do likewise on football matters. Peter Lim, the Singaporean businessman whose financial muscle saw the Ammies power through non-league with four promotions in five years, left last year. Beckham - who also fronts Inter Miami in the MLS - and Neville will be joined by Declan Kelly, founder of U.S.-based advisory firm Consello, and Lord Mervyn Davies, chairman of the Lawn Tennis Association. The group first became involved in 2014, and oversaw promotion to League Two. Since then, though, they have struggled, reaching the play-offs just once. Zlatan Ibrahimovic Zlatan Ibrahimovic, known for his character off the field as much as his abilities on it, finally called time on his career in the summer of 2023. It was a career that saw him turn out for the likes of Barcelona, Manchester United, Paris Saint-Germain and Juventus, and came to and end at AC Milan. The 43-year-old couldn't stay away, though. He was preparing for life after football before his retirement, and purchased a 23.5 per cent stake in Hammarby IF - a Swedish top flight club based in Stockholm. The current season is ongoing, with Ibra's side - who he once joined in a training session - second in the table with eight wins from their 13 matches so far. They also finished second last season, after coming seventh the year before and third the year before that. Good progress from Ibrahimovic, and a relatively low-key venture. That is apart from when Malmo fans vadalised his statue, given they were unhappy with his move. Paolo Maldini One of the greatest players of all time also makes the list, with Italy icon Paolo Maldini moving into the ownership world when he hung up his boots. Maldini forged an unforgettable playing career with AC Milan and Italy, winning three Champions League titles, seven Italian titles and one Italian Cup. But it was America where he ventured too post-retirement. He was offered the chance to join Carlo Ancelotti's coaching staff at Chelsea in his post-playing career, but he rejected the chance and said he didn't want to go down that route. And, in 2015, he became the co-owner of North American Soccer League club Miami FC. The hope was that the club would be able to join the MLS in the future. That is still yet to happen, with Maldini no longer invovled. Alessandro Nesta was the club's first manager, but there are plenty of ambitions still to realise. Maldini left in 2018 when he accepted the role of sporting director at Milan - which he has now left. Time will tell if he returns to ownership. He became the co-owner of North American Soccer League club Miami FC before leaving shortly after to rejoin AC Milan Jamie Vardy, meanwhile, invested in Rochester New York FC - a side which sadly folded More... Jamie Vardy - Rochester New York FC: The most famous face in the best of the rest is former England forward Jamie Vardy. Vardy, who recently left Leicester City, was co-owner of American soccer club Rochester New York FC. He invested into a minority stake in 2021, and sees his side competed in the third tier of American soccer - the MLS Next Pro. In March 2023, though, the side decided to curtail operations after an agreement with new investors fell through. Didier Drogba - Phoenix Rising: Didier Drogba co-owns Phoeix Rising in the second tier of the United States. He played for the club when the investment went through, before retiring in 2018. Cesc Fabregas and Thierry Henry - Como: Former Arsenal duo Cesc Fabregas and Thierry Henry are minority shareholders in Como in Italy. Fabregas also played for the club before retiring, and is now manager of the Serie A side.