Britain Counts the Mounting Cost of Taxing Wealthy ‘Non-Doms'
As the pace of wealthy individuals leaving London quickens, the numbers are starting to stack up: Labour's flagship 'tax the rich' policy risks becoming a net drain on the UK economy.
Barely a day passes by without a big investor or entrepreneur exiting after the government abolished a two-century-old tax break for non-domiciled residents — well-heeled residents hailing from overseas. Billionaire Checkout.com founder Guillaume Pousaz and Nassef Sawiris, Egypt's richest man, are among those fleeing to European and Middle Eastern financial centers with promises of a lighter tax load, as what began as a trickle of exits quickly turns into an exodus.
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