Thats usually a good thing, also since covid funerals are streamed so you don’t even need to fly to attend those now.
‘Petrified’ non-doms poised to flee UK over Labour’s tax plans
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It's funny you just mentioned that. I've been attending them all via streamed services. Pre-P(l)andemic, I wasn't even aware of this industry, but since then, I've attended at least 16 (family, friends, acquaintances, buyers, and suppliers). Ironically, vaccinated people are suddenly dying, but what do I know? 🙄
This is one I attended two weeks ago. cry&¤
Died suddenly! This man is younger than me. He was a︁ pharmacist at a multinational. He was in much better physical condition than +95% of the︂ population. He was super healthy! The only difference? He was jabbed and twice boosted to︃ keep his job that he NO longer needed.🙄 The man acquired low eight figures when︄ he sold his chain of pharmacies (only 9) to a multinational. He chose to continue︅ working as a pharmacy manager so that he would not get bored at home. stupi#21
So sad!
This is one I attended two weeks ago. cry&¤
Died suddenly! This man is younger than me. He was a︁ pharmacist at a multinational. He was in much better physical condition than +95% of the︂ population. He was super healthy! The only difference? He was jabbed and twice boosted to︃ keep his job that he NO longer needed.🙄 The man acquired low eight figures when︄ he sold his chain of pharmacies (only 9) to a multinational. He chose to continue︅ working as a pharmacy manager so that he would not get bored at home. stupi#21
So sad!
Labour confirms removal of IHT trust protection in non-dom policy details
https://international-adviser.com/l...t-trust-protection-in-non-dom-policy-details/
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Under the proposals Labour plans to include all foreign assets held in a trust within the scope of UK IHT, whenever they were settled; and remove the 50 percent reduction in foreign income subject to UK tax in 2025/26 under the proposed transitional rules for those non-doms who are subject to UK tax on a worldwide basis from that date.
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Ok so under a UK Labour government the party is completely over for UK non-doms. The conservative loophole with use of trusts by non-doms to avoid IHT︀ will be closed 😕.........RUN!!!!!
P.S I expect Rishi Sunak and his wife to leave the︁ UK in the medium to long term if he leaves office. I bet she misses︂ her non-dom status so far smi(&%.
‘I am moving – that is it’: tycoon speaks out about the end of non-dom tax status
https://amp.theguardian.com/news/20...m-haidar-non-dom-tax-status-super-rich-exodus
The UK government likely got it wrong with the logic that these non-doms are settled in UK, have kids in school and love London so much they will ignore the......40% IHT and 45% income tax rate 😳. Then here is a guy with 4 kids in school in UK telling you he is leaving the UK and making redundant his household staff of 20 people because of this tax change......lol.
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He said he had formed a working group of 29 non-doms, who mostly planned to leave the UK before September so that they could secure places for their children in private schools︀ in their new countries before the start of the academic year.
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Haidar said he︁ was sad to be leaving London, a city that he has called home for more︂ than a decade, but said he had to leave to save his four children the︃ risk of paying inheritance tax on his fortune.
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He said he had formed a working group of 29 non-doms, who mostly planned to leave the UK before September so that they could secure places for their children in private schools︀ in their new countries before the start of the academic year.
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Haidar said he︁ was sad to be leaving London, a city that he has called home for more︂ than a decade, but said he had to leave to save his four children the︃ risk of paying inheritance tax on his fortune.
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I must say this surprises me quite a bit, and I'm thinking about what this means for the UK in the long run. They risk all those with these many millions disappearing, leaving the working class to keep the country afloat!
Exactly I think the UK government has not examined correctly the indirect taxes the wealthy generate in the UK. Each time they buy a high end property in generate a large amount of stamp duty and same with luxury goods, cars, art and services. They contribute to the many high end boutique businesses and restaurants etc in London that may not do so well if the wealthy disappear overnight. I think the government only looked at direct taxes these non-doms pay which︀ does not give the full picture. Only time will tell indeed.
This is "normal" human nature (although︀ I didn't want to believe this when it was first taught to me stupi#21 ).
(1) It doesn't add up
(2) Study shows half of people would accept a 50% lower︁ salary to prevent colleagues earning more than them - Idea to Value
(3) One of︂ the many research papers on this phenomenon: https://www.econstor.eu/bitstream/10419/98951/1/dp8215.pdf
Sadly, I have no answers for this︃ despicable human behavior, nor do I know how to articulate it. I'm just painfully aware︄ of the reality, but I can't make heads or tails from it. hi%#
cc. Maybe @JohnnyDoe has some thoughts on this.
(1) It doesn't add up
(2) Study shows half of people would accept a 50% lower︁ salary to prevent colleagues earning more than them - Idea to Value
(3) One of︂ the many research papers on this phenomenon: https://www.econstor.eu/bitstream/10419/98951/1/dp8215.pdf
Sadly, I have no answers for this︃ despicable human behavior, nor do I know how to articulate it. I'm just painfully aware︄ of the reality, but I can't make heads or tails from it. hi%#
cc. Maybe @JohnnyDoe has some thoughts on this.
If you're not wired like that, it's difficult to empathize. It's an aspect of human behavior rooted in social comparison and envy.
In psychological terms, this phenomenon can be understood through relative deprivation theory. This theory suggests that individuals measure their success not only by absolute standards but also relative to others. When people perceive a gap between themselves and those who have more, they experience feelings of injustice and resentment. This leads them to prioritize reducing this gap︀ over their own (financial) well-being.
Additionally, social comparison theory explains that humans naturally compare themselves︁ to others to assess their own status and worth. In competitive environment (monkeys in the︂ corporate jungle) most individuals find it challenging to see colleagues earning significantly more than them.︃
Personally, it blows my mind that some people would rather earn 4k a month and︄ be a high earner within the company than earn 10k a month and be below︅ average in that same company. I guess for some morons, money really doesn't buy happiness.︆
In psychological terms, this phenomenon can be understood through relative deprivation theory. This theory suggests that individuals measure their success not only by absolute standards but also relative to others. When people perceive a gap between themselves and those who have more, they experience feelings of injustice and resentment. This leads them to prioritize reducing this gap︀ over their own (financial) well-being.
Additionally, social comparison theory explains that humans naturally compare themselves︁ to others to assess their own status and worth. In competitive environment (monkeys in the︂ corporate jungle) most individuals find it challenging to see colleagues earning significantly more than them.︃
Personally, it blows my mind that some people would rather earn 4k a month and︄ be a high earner within the company than earn 10k a month and be below︅ average in that same company. I guess for some morons, money really doesn't buy happiness.︆
Rich flee UK in ‘panic mode’ to avoid 1,000% inheritance tax hike if Labour wins election
https://www.express.co.uk/finance/p...onal-rich-wealthy-flee-UK-Keir-Starmer-Labour
Britain should celebrate the wealthy – not tax them out of the country
https://www.msn.com/en-us/news/worl...y-not-tax-them-out-of-the-country/ar-BB1nIFnR
Non-doms preparing to leave UK over Labour's plans
https://www.investorideas.com/news/2024/main/06053UK-Labour-Plan.asp
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Among other proposals, Labour has indicated plans to reduce the generosity of transitional reliefs, specifically by removing the proposal that existing non-doms would only be taxed on 50% of their foreign income in the first year of the new system.
The most notable proposal is that trusts created by non-doms will no longer protect non-UK assets from inheritance tax, regardless of when︀ they were established. It appears this rule would apply even to trusts set up before︁ the settlor became a UK resident, though these trust assets might remain exempt until the︂ settlor has been a UK tax resident for 10 years.
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The wealthy people living in the UK must really be scared! Does anyone know if it could actually get as bad as they expect?
We have to wait and see what things look like around end of 2025. I think that's when we will get data on how many rich non-doms left before April 2025 deadline.
That's coming for sure in Labours second term if they win the election alongside an enhanced and aggressive personal exit tax to stop the rats fleeing the sinking ship. The money has to come from somewhere 😕
Also IHT tax for trusts overseas.
For Now, us non-residents are 'safe' but i imagine they will eventually get round to some sort of US style tax for non-residents (not sure how they will sell it though) - fortunately in some / most countries we can just transfer our assets to our non-British spouses/children before that occurs with relatively low to zero taxation.
But for anyone considering leaving the UK, now is surely the time.
For Now, us non-residents are 'safe' but i imagine they will eventually get round to some sort of US style tax for non-residents (not sure how they will sell it though) - fortunately in some / most countries we can just transfer our assets to our non-British spouses/children before that occurs with relatively low to zero taxation.
But for anyone considering leaving the UK, now is surely the time.
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