A millionaire finance expert has warned that Britain faces "economic disaster" as wealthy non-dom residents flee the country following changes to the tax regime.
Dr Ann Kaplan Mulholland told GB News that the UK's decision to abolish the non-dom tax status is forcing high-net-worth individuals like herself to leave.
Dr Mulholland, who holds a doctorate in finance, moved to Britain on an ancestry visa.
She revealed that 10,800 wealthy individuals have already left Britain since the announcement of the non-dom status changes.
She revealed that 10,800 wealthy individuals have already left Britain
GB NEWS
Mulholland told GB News: "In an era right now where we're facing the highest taxes since World War two, where England is facing really on the verge of an economic disaster, that for the wealthy like us that are really having no choice but to leave the country, and that's 10,800 that have left since this announcement was made.
"There's only about 40,000 wealthy, 72,000 non-dom residents in the UK. But instead of making it difficult for us to say and double taxing us on worldwide income, why not charge us fees bees, just like all the other countries are doing.
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"They're charging us fees, for instance, to Italy of 200,000 a year.
"So if you do the math and you were to charge non-dom wealthy, tax paying residents that are putting investing into the infrastructure in the UK charges, you would get $7 billion of income from us if you just charged us £200,000 a year and then made us invest in infrastructure.
"This could be a solution, part of a solution to what is going on in the economy.
"And that's probably why I feel so compelled to speak out about it, because being a doctorate in finance, understanding the markets, that we're okay, we have legs. We can leave. But where does that leave the UK?"
The controversial tax system, which dated back to 1799, ended on Saturday after allowing so-called non-doms to avoid UK taxes on overseas earnings for up to 15 years.
Wealthy residents are now grappling with a raft of changes to their finances as part of Chancellor Rachel Reeves' efforts to address what she terms a "£40 billion economic hole".
The UK has approximately 75,000 non-doms who contribute more than £8billion in taxes annually, according to the latest official data.
A recent audit revealed that 47 per cent of the mega-rich were more likely to leave the UK than before the General Election.
Chancellor Rachel Reeves introduced the controversial tax change
PAAn overwhelming 89 per cent of UK millionaires expressed concern about the future of the British economy.
Nine in ten wealthy Britons believe they can access better economic and living opportunities overseas.
Armand Arton, Founder of Arton Capital, commented: "The Government has its work cut out to reassure wealthy citizens that it does not wish to create a hostile regulatory and tax regime for its most upwardly mobile citizens."
British billionaire John Caudwell warned: "We don't want to lose the wealth creators."
