Overseas Residence: Taxation
The question
To ask the Chancellor of the Exchequer, how many millionaires have left the UK since the announcement of changes to the tax status for non-UK domiciled individuals.
Answered by James Murray
The Government does not hold this information. The independent Office for Budget Responsibility (OBR) published their assumptions on the behavioural response of the affected population to the previous government’s announced policies in their Economic and Fiscal Outlook in March.
This Government is committed to addressing unfairness in the tax system, so that everyone who makes their home in the UK pays their taxes here.
The Government will therefore remove the outdated concept of domicile status from the tax system and implement a new residence-based regime, which is internationally competitive and focused on attracting the best talent and investment to the UK.
Further details of this policy will be announced at the Budget.
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