As Labour lays out plans to overhaul international wealth exemptions by April 2025, many HNWIs are reassessing their positions in the country. Our Managing Director, Mark Parkinson, shares key insights on whether these changes are influencing client decisions and the potential impact on the prime property market.
“What are you advising clients who are thinking about moving? At the moment still to wait and see, there were a few areas of the announcement that were still up for consultation. There will still be a non-dom policy (by another name – FIG), which may attract some new and different type of ’non-doms’. Arguably, it has already impacted the £5m+ property markets as many buyers at this level are ‘waiting and seeing’. If all leavers decide to sell their properties, then yes it will affect the prime markets. I suspect though, that many may wish to leave some equity in the UK prime property markets and will retain or rent their property.”
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