The UK will alleviate tax rules for rich foreigners after the exodus of millionaires, says Rachel Reeves

The United Kingdom will alleviate some planned changes to their controversial rules on the tax on the lack of concern about the exodus of millionaires, the Ministry of Finance confirmed.

The British 200-year-old non-Dom regime allows people living in the United Kingdom, but have a residence somewhere else for tax purposes, to avoid paying income taxes and capital profits abroad up to 15 years. The regime has long challenged controversy, led by British Finance Minister Rachel Reeves budget for October confirm that it will be abolished from April 2025 and that all long -term residents will subject the inheritance tax on their world property, including the one held in confidence.

Speaking at the marginal event at the World Economic Forum in Davos, Reeves said that the Government would soon present an amendment to the financial proposal of the country, increasing the generosity of rules that allow people who do not have homeland to bring money to the UK without paying significant taxes.

“We listened to the concerns expressed by the community outside the homeland,” said Reeves Emma Tucker of The Wall Street Journal, when asked about the recent Ultra-feast departures.

“In the proposal of the Finance Act, we will invest an amendment that gives more generous options for temporary repatriation, which allows people who do not have homeland to enter the UK without paying significant taxes,” she added.

On Thursday, Reeves also tried to convince the rich foreign investors that changes would not affect the double taxation agreements between the United Kingdom and other countries.

“There were concerns of countries that have conventions about avoiding double taxation with the UK, including India, that it will be recessed in the payment of inheritance tax tax. This is not the case. We will not change these conventions on avoiding double taxation,” she said.

In a statement to the CNBC confirming plans, a spokesman for the Ministry of Finance said that changes were designed to motivate non-domestic “to bring their funds to the UK, encouraging them to spend and invest that money here.”

“Although we do not expect these changes to affect the £ 33.8 billion pounds of tax revenues that the Obi predicts that they will collect over five years, they reflect our continuous engagement with stakeholders to ensure that the reforms of the announced in Budget function properly,” a statement. .

Government measures introduced in October towards foreign homes were part of wider measures aimed at several echelons, with new levies on private capital chiefs, private schools, cottages and private aircraft.

Critics then warned that these moves would sparkle mass departure of ultrasound individuals – Many of which, they said, would be key associates at the Government’s investment agenda.

It is estimated that 10,800 millionaires left the UK last year, according to the updated figures of the global analytical company New World Wealth and the Migracy Migration Advisor to Henley & Partners, an increase of 157% compared to 2023.