Chancellor Rachel Reeves is considering reversing a key part of her non-dom tax reforms following an exodus of wealthy individuals from Britain. The Treasury is reportedly reviewing changes to the inheritance tax on non-doms’ worldwide assets, which has been hit with a 40% charge since April.
Insiders familiar with the discussions confirmed that a review is currently underway, with one government official admitting that the exposure of global assets to inheritance tax is “causing most heartburn.” It’s understood that the pressure to review this element comes after some high-profile departures. Steel magnate Lakshmi Mittal and Egypt’s wealthiest man, Nassef Sawiris, have either already left the UK or are planning to due to the new tax rules, reported GB News.
