Bath Fashion Museum gets £768k towards reopening
Bringing the collection back to a new museum in the centre of Bath is a major part of Bath and North East Somerset Council's plans to regenerate the Milson Quarter and boost the city's tourism economy, the Local Democracy Reporting Service said.
'Outstanding collection'
The council failed in its Levelling Up Fund bid to reopen the museum in the post office in 2023.The museum will apply for a full National Lottery grant of £7.2m next year.Storing the museum's collection in Wiltshire, at one of only places with the correct conditions to store the fragile collection, has cost the council £150,000 a year.Cabinet member for economic and cultural sustainable development, Paul Roper, said: "This is going to be a new, world class institution in a UNESCO World Heritage City and there is huge excitement that, at long last, we will be able to display our unique and outstanding fashion collection in a location and setting that it fully deserves."The council plans to create a new "digital catalogue" which will make the collection available to audiences across the world.Stuart McLeod, of the National Lottery Heritage Fund, said: "Not only does this mean a Grade II listed building will be brought back to life, but also a globally significant collection will be accessible to everyone, both in person and digitally."
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Overlooking Kensington Palace, 8-19 Kensington Palace Gardens features 12 bedrooms and a swimming pool, and was considered the world's most expensive home shortly before Mr Mittal bought it for £60million in 2008. Featuring marble from the same quarry as that used for the Taj Mahal, the house used to be owned by the Rothschilds and F1 tycoon Bernie Ecclestone, who reportedly sold up because his ex wife, Slavica, decided she didn't like it. But Mr Mittal clearly did, with the Indian-born billionaire going on to buy two more houses on the street, including number 9A for £117 and a second for £70million. He gave these to his son and daughter respectively. If he ever did ever sell up, it would be one of the biggest property deals seen in London. Another billionaire developer, Malawi-born Asif Aziz - owner of the former London Trocadero on Piccadilly Circus - moved his tax residency to Abu Dhabi at the end of last year. 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'A large group moved because of the inheritance tax changes, but some decided they would be able to mitigate the hit because they were young, could get insurance to cover it, or could take advantage of some of the tax solutions available,' he told MailOnline. 'But if you bring in a wealth tax, that mitigation is neutralised, so it's another force that will drive those who haven't already left to leave. 'The general public might not mind the idea of wealthy people leaving, but the reality is that in a progressive tax system you are extremely dependent on a tiny number of taxpayers, so if they leave it will have a huge impact on tax revenue. 'And at the same time these golden geese feel they're being driven out of the UK, other countries are promising to offer them a better tax deal. 'If a wealth tax comes in, ultra-high net worth people will say ''London is nice, but not that nice'' and head to all the countries who are actively welcoming them.' Mr Lesperance pointed out that wealth taxes - which are levied on the total value of an individuals' assets - are 'very difficult to administer', with many nations who have brought in the levies subsequently repealing them. Given this, he believes Ms Reeves is more likely to introduce an exit tax - which takes the form of a one-off fee on people moving their tax residency to another country. 'When you have a wealth tax, people will give the lowest figure possible for the value of their assets, and if HMRC wants to challenge it, that will take time and money,' he said. 'I don't see a wealth tax because it won't be good for the goal of maximising revenue. 'I would say it's more likely the Autumn Statement could include an exit tax. But if that happens, advisors will be telling their clients to leave before it comes in.' Several billionaires have been open about their reasons for leaving, with Aston Villa's Egyptian co-owner Nassef Sawiris blaming Labour's inheritance tax clampdown and a 'decade of incompetence' under the Tories. Britain's ninth richest billionaire, John Fredriksen, declared last month that Britain had 'gone to hell' as he explained his reasons for moving his shipping firm from London to the United Arab Emirates. The Norwegian had previously run his private firm, Seatankers Management, from an office in Sloane Square. But he told newspaper E24 that the UK had become a worse place to do business. 'It's starting to remind me more and more of Norway,' he said. 'Britain has gone to hell, like Norway. 'People should get up and work even more, and go to the office instead of having a home office.' Mr Fredriksen, 81, is currently in the process of selling his London home, the Old Rectory in Chelsea, reports The Times. Nestled on Chelsea's oldest street in west London, the property boasts 30,000-square-feet of space, including 10 bedrooms and a ballroom, alongside a two-acre garden. Experts believe that a listing of the prestigious home is unlikely to appear on popular property listing sites but instead will be sold in an 'off-market' private deal delivered by specialist agents. A spokesman for Fredriksen declined to comment on whether the Old Rectory was on sale or claims that domestic staff had already been let go. In May, The Sunday Times Rich List estimated that the UK had 156 billionaires, down from 165 the year before and the largest annual drop since the list began in 1989. Putting an exact figure on the number of billionaires leaving the country is complicated by the difficulty of calculating an individuals' wealth and working out their tax residency if they do not make this information public. It comes as new figures showed the number of non-dom taxpayers in the UK dipped last year prior to the Government clamping down on the tax status, official figures show. There were about 73,700 people claiming non-domiciled tax status in the year ending in April last year, according to estimates from HM Revenue & Customs (HMRC). This was 400 fewer than the 2022-23 tax year, or a dip of about 0.5 per cent. The number of non-doms, according to self-assessment tax returns, stood 3,900 below that in the tax year ending 2020. It indicates a slowdown in the number of people claiming the tax status following a post-pandemic resurgence. Non-domiciled means UK residents whose permanent home, or their 'domicile' for tax purposes, is outside the UK. The regime meant that so-called non-doms paid tax in the UK only on income generated in the UK - meaning any income earned overseas was exempt from British taxation. However, the Labour Government abolished the non-dom tax status in April following backlash that wealthy residents could enjoy the benefits of living in the UK without paying as much tax. Previous chancellor Jeremy Hunt estimated that scrapping the regime would raise about £2.7billion for the Treasury by 2028-29. HMRC's data published on Thursday showed that some £9billion was raised from non-doms paying income tax, capital gains tax and national insurance last year. This was a £107million increase on the prior year, despite the dip in the number of individuals. Even so, campaigners insist HRMC will suffer in the long-term if some of Britain's biggest taxpayers are driven out. Leslie MacLeod-Miller runs Foreign Investors for Britain (FIFB), a lobby group set up after the July general election. He told MailOnline: 'Wealth is already shifting to countries like Italy, Dubai, and Switzerland. 'The government needs to show bold leadership and implement a bold policy change before Britain's 'golden geese' take their 'golden eggs' abroad to other countries that are actively courting them. 'The Office for Budget Responsibility warned this July that continued reliance on this small population of top taxpayers represents a growing fiscal risk. 'The government needs to act now, talk of a wealth tax will only increase the exodus of this high income – and high investing, employing and growth-creating group. Fiscal sense rather than ideology needs to prevail.'
