Warning non-dom tax scrap would only dent UK economy troubles

Suggestions of plans for a scrap have been circling in multiple reports

Hope Coumbe
clock • 2 min read

Abolishing the non-dom tax system in the UK would be a ‘significant risk’ for chancellor Jeremy Hunt with little lasting impact, Alvarez & Marsal says.

The business management consultancy said the estimated £3.5bn-£3.6bn yield for the government from a scrap was a "meagre sum" that would not go far to impacting the UK's broader financial picture. The comments from managing director Victoria Price come after multiple reports this morning that Hunt is considering wiping out the historically Conservative-favourite tax to bring some much needed money back into the government. Price warned however that "potential economic implications" of the wider picture need full consideration. "It might prompt ultra-high net worth individuals, who ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Govt mulls introducing lifetime limit on IHT gifting – report

Govt mulls introducing lifetime limit on IHT gifting – report

Treasury also reviewing rules around taper rate

Jenna Brown
clock 13 August 2025 • 4 min read
Phillip Wickenden: Frozen thresholds and the art of distraction

Phillip Wickenden: Frozen thresholds and the art of distraction

'In truth, the biggest "tax rise" coming our way is already happening'

Phillip Wickenden
clock 07 August 2025 • 5 min read
UK tax shake-up: Why the wealthy are looking elsewhere

UK tax shake-up: Why the wealthy are looking elsewhere

‘These reforms represent a profound shift in the UK’s stance on international wealth’

Eamon Shahir
clock 04 August 2025 • 4 min read