Non-doms threaten to leave the UK over changes to inheritance tax that could see their overseas assets subject to government levy
The jet set currently non-domiciled in the UK are threatening to leave over changes to inheritance tax.
‘Non-doms’ – UK residents whose permanent homes are elsewhere – have been exempt from inheritance tax on their overseas assets and wealth.
But Labour has warned that individuals who have been resident in the UK for ten years will now be subject to the levy.
They will also remain liable for a decade after leaving Britain.
The jet set currently non-domiciled in the UK are threatening to leave over changes to inheritance tax. Pictured: Prime Minister Sir Keir Starmer
‘Non-doms’ – UK residents whose permanent homes are elsewhere – have been exempt from inheritance tax on their overseas assets and wealth (Stock image)
There are about 74,000 non-doms in the UK, most of whom are internationally mobile – meaning they can leave overnight, taking their money with them.
Hungarian Gabor Futo, co-founder of the Futureal real estate group, said: ‘I will stay in the UK to get my kids educated, but once I reach this ten-year period… I am planning to leave.’
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Tory leadership candidate James Cleverly most feared by Labour to become next party leader – while Kemi Badenoch dismissed as a threat for being ‘too divisive’
Ministers say James Cleverly is the candidate they do not want as the next Tory leader.
‘He’s the most likely to appeal to moderate voters,’ suggested one, while senior Government sources dismissed Kemi Badenoch as a threat to Labour, saying she is ‘too divisive’.
Both are running to succeed Rishi Sunak, alongside Robert Jenrick and Tom Tugendhat. The candidates will set out their stall to party members at the annual conference, which starts today.
Mr Jenrick is the bookmakers’ favourite after topping a poll of Tory MPs, although allies of Ms Badenoch say she is the most popular with members, who will have the final say once the contest is whittled down to two.
But several Labour ministers have privately warned that Mr Cleverly is the only one who could gather enough public support.
Labour ministers have said James Cleverly is the Tory candidate they do not want taking over the reigns of the opposition
James Cleverly with his wife Susie Cleverly arriving in Birmingham at the Conservative Party on September 28
‘The general view is that for Labour, Cleverly is the one we wouldn’t want,’ a minister said.
All the candidates have tacked to the Right but of the four, he’s the least extreme and the most likely to appeal to moderate voters.’
The source also said Mr Jenrick had lost credibility by abandoning his ‘moderate’ roots and ‘tacking too far to the mad Tory Right’.
Another senior Labour MP, though, believes Ms Badenoch poses ‘the biggest threat’ – in the Commons and in marginal, Brexit-voting seats.
He said: ‘In the Chamber, Kemi will do well against Keir.’
The new leader is due to be chosen on November 2.
However, senior Conservatives are in talks to cut short the contest, so the winner is in post for Rachel Reeves’s first Budget.
Labour insiders are concerned Cleverly is the politician who could garner the most public support (Pictured: Keir Starmer at the 2023 Labour Party conference in Liverpool)
Labour Ministers are reportedly not concerned about Kemi Badenoch (pictured at the Hyatt Hotel in Birmingham) as they have described her as ‘too divisive’
Rival camps have been accusing each other of ‘dirty tricks’, including claims that Mr Jenrick’s allies will lend votes to Mr Cleverly to keep Ms Badenoch out of the final two.
Last night Mr Cleverly said his party needed to ‘end the Tory psychodrama’ that had damaged it for so long.
Former leader William Hague, who gave members a vote in the leadership contest, called for the rules to revert to MPs making the decision.
Speaking on BBC Radio 4, Lord Hague said: ‘It would be better if the decision was in the hands of MPs because the party membership has become so small.’
