Since the government's introduction of stringent tax hikes on the wealthy in its inaugural Budget last autumn, a significant number of company directors have departed the º£½ÇÊÓƵ.
This has heightened concerns over a potential mass exodus of Britain's wealthiest residents, as reported by .
An examination of Companies House data reveals that between last October and the previous month, 3,790 company directors changed their official country of residence from Britain. This marks a sharp increase from the 2,712 who did so during the same period the year before.
The Financial Times' analysis of the data identified several high-profile business figures who had left Britain, whose departures were previously unknown.
Among them were Bart Becht, former chief of London-listed consumer giant Reckitt Benckiser, FTSE Russell founder Mark Makepeace, and Riccardo Silva, backer of AC Milan and Miami Football Club.
Labour's wealth crackdown
The government's wealth crackdown, which included a more severe than anticipated clampdown on non-doms, tightening inheritance tax reliefs, and applying VAT on private school fees, also prompted the departure of Essex boxing promoter Eddie Hearn and Ineos director John Reece from the º£½ÇÊÓƵ.
Departures surged to a monthly high of 691 in April, as reported first by Bloomberg News, coinciding with the implementation of most of the tax increases announced the previous October. This figure was 79% higher than the same month in 2024, and a staggering 104% more than in 2023.
The United Arab Emirates (UAE) has seen the most significant influx of º£½ÇÊÓƵ-based company directors, with over 150 making the move between April and June this year, according to data.
This low-tax haven is becoming an increasingly attractive refuge for the ultra-wealthy. With a robust suite of regulatory and fiscal incentives, city-states such as Abu Dhabi and Dubai are attracting a rising number of family offices and ultra-high-net-worth individuals.
These Companies House filings lend weight to the narrative that Britain is finding it challenging to retain its wealthiest residents, facing stiff competition from countries like the UAE and Italy, which offers a flat-tax regime for affluent foreign nationals.
Official figures on non-dom expatriation levels will not be available until 2027.
