Explainer: Why are the super rich leaving London?

Nervousness is growing in some exclusive streets of London – both the ruling Conservatives and the opposition Labour Party want to end tax breaks that have benefited many of the super-rich to date. This is apparently leading to hasty travel plans.

“People are jumping on planes and leaving the country,” the Guardian quotes the head of a financial consultancy for the super-rich. According to the newspaper, other consultants are also reporting that their clients are looking for new places to live with more favorable tax laws. Tthe government in Rome, for example, is luring rich foreigners with a single tax – anyone who moves there only has to pay a lump sum of 100,000 euros per year.

There is growing unease about plans to abolish a special tax status: the so-called “non-domicile” rule, or “non-dom” for short. In the UK, non-doms only pay tax on the money they earn in the UK. They do not have to pay tax to the UK government on money earned elsewhere in the world (unless they pay that money into a UK bank account). Almost 69,000 people currently have this special status in the UK.

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