Thank you Prime Resi Journal for the opportunity to take part to this article What does the end of non-dom status mean for the prime property market?
As Britain’s 225-year-old ‘non-dom’ tax regime faces abolition, Prime Resi Journal asked prime resi insiders about the potential impact on the property market and their businesses.
In this article, my comments on the subject were as follows:
“In my opinion, abolishing the non-dom tax benefits is likely to dampen demand from international buyers and investors, particularly within the Prime Central London market. This potential outflow of wealth could have ripple effects across the UK’s prime and super prime property sectors, impacting property values and market dynamics. However, it is very difficult (and too early) to predict what effect it will really have and to what extent.
“Historically, London has been renowned for being one of the top destinations in the world for the super wealthy to park their wealth by acquiring prestigious assets. Non-doms have avoided paying UK tax on their foreign income and capital gains, provided that money is not brought into the UK. This system has particularly benefited wealthy individuals with international ties, enabling them to significantly reduce their tax liabilities while living in the UK.
“The abolition of these tax advantages could mark the end of a chapter, and some experts predict that the abolition of the non-dom status will prompt a significant exodus of HNWIs from the UK to jurisdictions offering more favourable tax regimes, such as Dubai, Switzerland, and Singapore – all known for their low-tax environments and supportive policies for business growth and wealth preservation.”
Link to full article: https://primeresi.com/talking-heads-what-does-the-end-of-non-dom-status-mean-for-the-prime-property-market/
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