The UK government’s attempt to tweak its botched overhaul of non-dom taxation is a superficial fix that does nothing to reverse the damage already inflicted, warns global financial advisory giant, deVere Group.
The adjustment—ensuring previous foreign earnings aren’t taxed when moved between overseas accounts—fails to address the broader policy failures that have already driven a wave of departures.
deVere Group has seen a surge in clients actively seeking alternative jurisdictions, such as Dubai, Italy and Switzerland, since the Budget announcement.
This minor concession may smooth out one unintended consequence, but it does not alter the fundamental reality: Britain has made itself an unwelcoming environment for internationally wealthy individuals.
Nigel Green, CEO of deVere Group, said, “This revision is a small technical fix, but it doesn’t alter the bigger picture. High-net-worth individuals have already drawn their conclusions and are making moves accordingly.”
The most pressing concern remains the dismantling of inheritance tax (IHT) protections on established wealth structures.
In the past, non-doms could safeguard pre-existing assets from punitive taxation.
Now, with those protections eroded, they face a crushing 40% IHT charge on their entire global estate—far more aggressive than competing financial hubs impose.
“The real issue is inheritance tax,” Green continues.
“Previously, non-doms had a clear understanding of how their wealth would be treated. That framework has now been upended, leaving them exposed in ways they never anticipated.”
He added, “If policymakers want to halt the outflow of capital and talent, they need to go beyond cosmetic tweaks and tackle the real deterrent: IHT.”
As countries worldwide compete to attract high-net-worth individuals, the UK’s increasingly hostile tax framework ensures it is losing ground.
“This minor adjustment does nothing to alter the fact that without meaningful reform, the mass migration of wealth will continue unabated,” concludes the deVere CEO
