With many of the national news channels reporting that Chancellor Rachel Reeves may soften changes to the non-dom regime, Ilias Georgopoulos, IQ-EQ’s global head of private and institutional asset owners, comments:
“There is still a sense amongst our clients that the new government may introduce balancing measures that will encourage more investment and wealth repatriation into the UK – in turn mitigating the changes to the non-dom rules.
“Though the situation is indeed evolving, it is apparent that many of our clients are planning to retain their UK structures, given that the country is still valued for its legal and political stability as well as being a great place to do business in. Common law trusts, especially those based in the Crown Dependencies, have an infallible reputation for protecting and preserving family wealth.
“The actual impact of the non-dom changes is likely to be reasonably undramatic, with many awaiting further clarity. Major unanswered questions remain: What further international relationships will the UK forge post-Brexit? How will its relationship with Europe evolve under Labour? Who will win the US election? These uncertainties may lead families to continue a ‘wait and see’ approach as they digest the Chancellor’s announcements. The focus now shifts to how the UK will innovate to attract investment, and the ultra-high net worth community remains watchful of future policy developments.”
