Scrapping non-doms could cost UK up to £111bn by 2035, ASI think tank claims

cityam

05 Apr

The Treasury is facing fresh calls to reverse plans to abolish the non-dom tax status in April, replacing it with a residence-based regime that also ropes in non-doms’ overseas assets into UK inheritance tax (IHT).

Scrapping the non-doms tax status could cost the UK up to £111bn by 2035, the Adam Smith Institute (ASI) is warning.

The UK could also lose some 44,000 jobs by 2030 if the government enacts its plans to abolish the scheme, the free-market group has suggested.

These figures are based on just over half [11,050] of the 21,100 remittance basis non-doms leaving the UK, the ASI has said.

According to their analysis, if 7,094 non-doms leave the UK, a number suggested by Oxford Economics, the UK could face a ‘medium number’ of £32.4bn in lost growth by 2035, as well as 28,322 jobs by 2030.

It comes ahead of the government planning to scrap the non-dom status this Sunday, with the ASI warning that the government’s Finance Act is set to worsen the situation.

Lower growth will be due to less investment in capital, a drop in tax revenue, reduced consumption across the economy, and a corresponding loss of jobs, the ASI added.

The ASI warns non-doms may leave the UK due to the abolishment of their current tax status, increased taxes on high net worth individuals (HNWIs), the UK’s poor economic outlook, and hostility towards wealth-creators.

Maxwell Marlow, director of public affairs at the Adam Smith Institute (ASI), said: “The scale and pace of the exodus of wealth-creators is extremely alarming. What has been a trickle has now become a flood.

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One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2525171878"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2525171878\",edition:\"fundamental\",,,undefined,":{"share":"https://ttm.financial/m/news/2525171878?lang=en_US&edition=fundamental","thumbnail":"https://www.cityam.com/wp-content/uploads/2025/01/non-doms.jpeg?w=400&h=225&crop=1","is_english":true,"pubTime":"2025-04-05 21:41","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2525171878","market":"us","top_or_hot":-1,"title":"Scrapping non-doms could cost UK up to £111bn by 2035, ASI think tank claims","media":"cityam","content":"<html><body><figure>\n<div>\n<div></div>\n</div>\n<img decoding=\"sync\" fetchpriority=\"high\" height=\"495\" loading=\"eager\" sizes=\"(max-width: 742px) 100vw, 742px\" src=\"https://www.cityam.com/wp-content/uploads/2025/01/non-doms.jpeg?w=742\" srcset=\"https://www.cityam.com/wp-content/uploads/2025/01/non-doms.jpeg 1200w, https://www.cityam.com/wp-content/uploads/2025/01/non-doms.jpeg?resize=630,420 630w, https://www.cityam.com/wp-content/uploads/2025/01/non-doms.jpeg?resize=768,512 768w, https://www.cityam.com/wp-content/uploads/2025/01/non-doms.jpeg?resize=960,640 960w, https://www.cityam.com/wp-content/uploads/2025/01/non-doms.jpeg?resize=1107,738 1107w, https://www.cityam.com/wp-content/uploads/2025/01/non-doms.jpeg?resize=742,495 742w, https://www.cityam.com/wp-content/uploads/2025/01/non-doms.jpeg?resize=304,203 304w, https://www.cityam.com/wp-content/uploads/2025/01/non-doms.jpeg?resize=75,50 75w\" width=\"742\"/> <figcaption>The Treasury is facing fresh calls to reverse plans to abolish the non-dom tax status in April, replacing it with a residence-based regime that also ropes in non-doms’ overseas assets into UK inheritance tax (IHT).</figcaption> </figure><p>Scrapping the non-doms tax status could cost the UK up to £111bn by 2035, the Adam Smith Institute (ASI) is warning.</p><p>The UK could also lose some 44,000 jobs by 2030 if the government enacts its plans to abolish the scheme, the free-market group has suggested.</p><p>These figures are based on just over half [11,050] of the 21,100 remittance basis non-doms leaving the UK, the ASI has said.</p><p>According to their analysis, if 7,094 non-doms leave the UK, a number suggested by Oxford Economics, the UK could face a ‘medium number’ of £32.4bn in lost growth by 2035, as well as 28,322 jobs by 2030.</p><div>\n<div></div>\n</div><p>It comes ahead of the government planning to scrap the non-dom status this Sunday, with the ASI warning that the government’s Finance Act is set to worsen the situation.</p><p>Lower growth will be due to less investment in capital, a drop in tax revenue, reduced consumption across the economy, and a corresponding loss of jobs, the ASI added.</p><p>The ASI warns non-doms may leave the UK due to the abolishment of their current tax status, increased taxes on high net worth individuals (HNWIs), the UK’s poor economic outlook, and hostility towards wealth-creators.</p><p>Maxwell Marlow, director of public affairs at the Adam Smith Institute (ASI), said: “The scale and pace of the exodus of wealth-creators is extremely alarming. What has been a trickle has now become a flood.</p><div>\n<div></div>\n</div></body></html>","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Scrapping non-doms could cost UK up to £111bn by 2035, ASI think tank claims</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nScrapping non-doms could cost UK up to £111bn by 2035, ASI think tank claims\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-04-05 21:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/scrapping-non-doms-could-cost-uk-up-to-111bn-by-2035-asi-think-tank-warns/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Treasury is facing fresh calls to reverse plans to abolish the non-dom tax status in April, replacing it with a residence-based regime that also ropes in non-doms’ overseas assets into UK ...</p>\n\n<a href=\"https://www.cityam.com/scrapping-non-doms-could-cost-uk-up-to-111bn-by-2035-asi-think-tank-warns/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4181","symbol_name":"酒店及度假村房地产投资信托","start_time":0,"source_url":"https://www.cityam.com/scrapping-non-doms-could-cost-uk-up-to-111bn-by-2035-asi-think-tank-warns/","article_id":"2525171878","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2025/01/non-doms.jpeg?w=400&h=225&crop=1"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2525171878","pubTimestamp":1743860518,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"The Treasury is facing fresh calls to reverse plans to abolish the non-dom tax status in April, replacing it with a residence-based regime that also ropes in non-doms’ overseas assets into UK inheritance tax . Scrapping the non-doms tax status could cost the UK up to 111bn by 2035, the Adam Smith Institute  is warning.The UK could also lose some 44,000 jobs by 2030 if the government enacts its plans to abolish the scheme, the free-market group has suggested.These figures are based on just over half [11,050] of the 21,100 remittance basis non-doms leaving the UK, the ASI has said.According to their analysis, if 7,094 non-doms leave the UK, a number suggested by Oxford Economics, the UK could face a ‘medium number’ of 32.4bn in lost growth by 2035, as well as 28,322 jobs by 2030.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4181":"酒店及度假村房地产投资信托","IHT":"InnSuites Hospitality Trust","BK4218":"酒店及度假村房地产信托"},"translate_title":"ASI智库称，到2035年，取消非DOM可能会给英国造成高达1110亿英镑的损失","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IHT":1},"content_text":"The Treasury is facing fresh calls to reverse plans to abolish the non-dom tax status in April, replacing it with a residence-based regime that also ropes in non-doms’ overseas assets into UK inheritance tax (IHT). Scrapping the non-doms tax status could cost the UK up to £111bn by 2035, the Adam Smith Institute (ASI) is warning.The UK could also lose some 44,000 jobs by 2030 if the government enacts its plans to abolish the scheme, the free-market group has suggested.These figures are based on just over half [11,050] of the 21,100 remittance basis non-doms leaving the UK, the ASI has said.According to their analysis, if 7,094 non-doms leave the UK, a number suggested by Oxford Economics, the UK could face a ‘medium number’ of £32.4bn in lost growth by 2035, as well as 28,322 jobs by 2030.\n\nIt comes ahead of the government planning to scrap the non-dom status this Sunday, with the ASI warning that the government’s Finance Act is set to worsen the situation.Lower growth will be due to less investment in capital, a drop in tax revenue, reduced consumption across the economy, and a corresponding loss of jobs, the ASI added.The ASI warns non-doms may leave the UK due to the abolishment of their current tax status, increased taxes on high net worth individuals (HNWIs), the UK’s poor economic outlook, and hostility towards wealth-creators.Maxwell Marlow, director of public affairs at the Adam Smith Institute (ASI), said: “The scale and pace of the exodus of wealth-creators is extremely alarming. 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