U.K.'s wealth exodus has only just begun, as the effects of dismantling its multi-billion dollar non-dom tax regime kick in

London, blurred motion of incidental business people walking to work (Credit: Angel Santana—Getty Images)

The U.K.’s overhauling of a divisive tax regime that allowed international millionaires to live in the country while paying lower taxes is triggering an exodus of the rich. 

A new system replacing the lucrative “non-domicile” tax status took effect on Apr. 6, requiring those with a permanent home abroad but living in the U.K., to pay the same tax as everyone else.