Another day, another report about high-net-worth individuals(HNWIs) leaving the UK—but this time, the numbers are hard to ignore.

 

According to The Times, 10,800 millionaires left the UK last year, with many heading to Switzerland, the UAE, and Italy. It’s no secret why—Labour’s plan to scrap the non-dom tax regime has sent a clear message, and it seems wealth is voting with its feet.

 

What’s the Impact?

 

Losing a few wealthy individuals might not seem like a big deal, but when they take their businesses, investments, and spending power with them, it starts to hurt the wider economy. Luxury goods, private education, real estate, and financial services all rely on HNWIs staying put—so what happens when they don’t?

 

Can the Government Reverse This?

 

Rachel Reeves is reportedly looking at tweaks to the non-dom tax rules, including a temporary repatriation facility—but is it too little, too late? Once people move their wealth elsewhere, convincing them to come back is another challenge entirely.

 

What’s Next for HNWIs?

 

For those affected, it’s about planning ahead. The right residency choices, tax structuring, and asset protection strategies will be key to ensuring wealth remains secure and efficient—regardless of where you call home.

 

‍At Sandstone Tax, WeMake the Complex Simple.

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Whether you’re re-evaluating your tax position, considering a move, or restructuring your assets, our expertise in international tax planning and wealth structuring ensures you stay ahead of shifting policies.

If you're concerned about how these changes could impact you or your clients, let’s talk. Get in touch to explore your options before decisions are made for you.

Are these tax policies short-sighted, or will they actually generate more revenue for the UK?

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