UK faces ultra-wealthy exodus amid non-dom tax changes

CNBC's Karen Gilchrist explains how plans to abolish the U.K.'s non-dom tax concession could spark an exodus of the ultra-wealthy.

[notch]

people who are only in UK to buy real estate are not here to invest in our economy, they just want to extract profits out of it

[dasdasdatics]

Good riddance and take your interfering foreign lobbyists with you.

Taxation where the profits are made and not where the HQ is registered.

[LorienHamilton]

Sorry, UK tax revenue is more than 1.1 trillion, NON doms approx 9 billion, less than one percent of tax revenue. UK housing market needs a correction as its over priced. frankly no one cares if the the top end of the London market isnt selling apart from the owners, speculators and estate agents. Trickle down economics as we know doesn't work. We all pay tax apart from the the wealthy thanks to loop holes, accountants and lawyers.

[billykotsos]

Real estate agents are going to lose business?
Womp womp

[djohnston]

Their wealth is in assets. You can't pack up a portfolio of houses in a suitcase and bring them with you.

[gandhi]

Oh yes? So where will they take all the expensive UK properties they have accumulated?

[colin]

Let them all leave, I see zero benefits of them being here to me, nothing they are doing trickles down to my life. It's all self self self with them.

[GreenSaxon]

Let them leave. They shouldn't be in the UK if they are not willing to pay their fair share towards our society and the rest of the world should stand up against these ultra wealthy individuals too.

[antnam]

They’ve been threatening to leave for years.

[CL-ungg]

Everyone wants a free ride still, huh? You’re here making money, you should have to pay. It’s the law in most other countries. The U.K. has been a soft touch too long & our economy is tanking from the billionaires taking all the profits on U.K. goods & services & putting nothing back. Greedy people should leave if they wish & allow other businesses to step in & take up the gap. Yes, you, Starbucks & the like.

[TradingJuice]

Remember !! If you tax their assets they can't just put them in the bag and take them abroad!!

[ap]

Assets still stay in the UK so tax them

[fintamaria]

Assets still stay in UK so Tax them … UK housing needs a correction as its over priced !!!

[obtuse]

I wont miss them. They never let any of their obscene wealth trickle down to me. 😂😂

[michaelandrews]

So what if they leave! They didn't pay tax under the Tories, so it's not as if we are going to miss the money!!

[YorickReturns]

The comments here prove that the motive behind taxation is not to help "the poor" but to hurt "the rich".

[sho-m-er]

So youre telling me there will be lower asset inflation from less blood sucking leeches now? Music to my ears

[sirrobinofloxley]

Don't slam the door on your way out, we might be able to finally get things done without the politicians greasing every pole they want to slide their accounts down.

[mystation]

It doesn’t matter that they leave. What matters is they are not still profiting from people and property from within the UK

[ianphillips]

Who was it that said "there is enough in the world for everyone, but there will never be enough for the GREEDY" or something like that?