Wealthy non-doms to stay
23/06/2008
The introduction of a tax on the income of non-domiciled residents in the UK has not led to a brain drain as many said would happen when the tax was introduced in early April, according to research commissioned by Barclays Wealth.
The research found that the events of the last few months have altered resident non-doms attitudes to the UK but overall they recognize that it remains the best place to be in the world with resident non-dom status.
Opportunities for City of London workers and professionals are hard to duplicate, which is a big reason why they want to stay in the UK, said the research.
Resident non-doms also have adapted rapidly to the new rules, helping them to deal with the issue, said Barclays Wealth.
The economic slowdown has also altered resident non-doms views on leaving.
Fall in residential property prices has meant they have become anxious not to sell up at a time when the best price might not be achieved on what has always been viewed by them as a long-term investment.
