Majid Hussain, Partner and Head of Private Client, has shared an article in the Financial Times Adviser titled ‘Non-dom regime: govt unresponsive as capital flight accelerates’.

Recent statistics and commentary make clear that the UK is facing an exodus of high-net-worth and ultra-HNW individuals at an alarming rate. Whether or not the specific numbers can be believed, it is certain HNWIs are leaving as a result of the Budget announced in October.

In the article, Majid sets out the state of play and identifies the government’s failure to rapidly respond to the damaging consequences of their policies. The government should consider an alternative approach which encourages investment, much like jurisdictions such as Italy and Greece.

Without urgent intervention, the UK risks falling behind as other nations seize the opportunity to attract global wealth. The government must recognise that a stable, predictable, and competitive tax regime is essential to securing the country’s economic future.