Non-Dom numbers in the UK may be dropping but an expected exodus is on hold as many 'wait and see', according to private client specialist Rebecca Fisher.
"Those wanting to relocate because of the deemed domicile tax changes will have largely done so, and those that remain are likely taking a wait and see approach as the UK's future direction crystallises," she says.
"It remains to be seen what the long term outlook is for non-doms but almost certainly recent events and unprecedented [UK] government spending will require funding."
Rebecca Fisher comments in International Investment on the recent non-dom statistics released by HMRC and the impact of the uncertainty caused by a General Election, Brexit and the COVID-19 pandemic.
Non-Dom numbers in UK drop but exodus on hold amid covid-19 uncertainty is available to read for free on the International Investment website. Rebecca's comments were also published in ePrivateClient and are available to read for free online.
Rebecca is a partner in the private client group advising families and individuals on all aspects of private client law including wills, estate planning, administration of estates, trusts and powers of attorney.
She regularly advises clients including entrepreneurs, business owners and multi-generational family businesses on succession planning, with particular focus on inheritance tax and capital gains tax planning. Rebecca fully understands the unique challenges that family businesses face.