The super-rich are fleeing the UK because of George Osborne’s tax policies, costing the country billions.
The number of non-doms, people who are not legally domiciled in the UK but enjoy tax advantages, fell to a record low last year.
It dropped from 98,500 to 78,300, new figures from HM Revenue and Customs show.
The tax contributed by these non-doms also dropped from £9.5billion to £7.5billion in just a year, according to The Telegraph.
Experts have blamed a number of policies introduced by former chancellor George Osborne for the drop.
Rebecca Fisher, a solicitor at Russell-Cooke, said a ‘toxic mix’ of changes to stamp duty, inheritance tax and capital gains tax on second properties has led to the exodus.
She said: ‘A lot of affluent non-doms will be considering their position and many will be advised to put all of their assets in offshore trusts.’
Those leaving the country are favouring Monaco, Switzerland, France, Israel, Portugal, Spain and Dubai.
Rule changes designed to help those buying their first homes and discourage those investing in multiple properties have been pinpointed as a reason for the drop.
Josie Hills, of law firm Pinsent Masons, said:
‘The impact of falling tax receipts from non-doms may only be felt once it’s too late.’
Last year, it was announced that Paris had overtaken London as the top European destination for billionaires and the ultra-rich.
A study by Wealth-X found that enticing tax breaks offered by president Emmanuel Macron and Brexit-related uncertainty in the UK were contributing to the move.
Originally published at Daily Mail