Latest news with #AnnKaplanMulholland
Japan Times
14-07-2025
- Business
- Japan Times
The ultrarich move in herds. Just ask London.
Milan is the place to be these days if you're rich and can stand the pizza. Goldman Sachs Group's Richard Gnodde, who leads the firm's businesses outside North America, is among financial executives relocating from London after the U.K. changed its tax rules for foreign residents. Ann Kaplan Mulholland, a Canadian reality-TV star who owns a castle in Kent with her husband, is also making the move, though she bemoans the lack of culinary options in Italy for noncarbohydrate-eating immigrants. If the campaign against abolition of the "nondom' (nondomiciled) regime is measured by the volume of noise on each side, then the verdict is already in: Britain has made a giant mistake and will rue driving away ultrawealthy individuals who pay (on average) large amounts of tax, enrich the economy with their entrepreneurial talents and fund philanthropic works. A drumbeat of reports of notable departures has grown louder after the nondom privileges ended in early April, along with predictions of the resulting fiscal damage. The latest contribution comes from the London-based Centre for Economics and Business Research, which recently published a study commissioned by a campaign group calling itself Land of Opportunity. The report says the tax changes could cost the Treasury £7.1 billion ($9.5 billion) if 40% of nondoms — about 80,000 taxpayers — leave. Research by Oxford Economics for another recently formed lobby group named Foreign Investors for Britain estimated a cost of almost £1 billion if 32% depart. A Treasury spokesperson said it didn't recognize the figures in the CEBR report, noting that the independent Office for Budget Responsibility had "confirmed' the changes would raise £33.8 billion over the next five years. Someone is going to have egg on their face. The truth is that no one can know for sure and vindication will only come in the shape of official tax revenue data. By that time, the nondom ships will long have sailed — to northern Italy, Dubai, Switzerland, Monaco and other tax-friendlier jurisdictions. An exodus of more than 30% is well within the bounds of possibility if what tax advisers are seeing is any guide. "I absolutely wouldn't be surprised if it's 25% plus, heading into the 40% mark,' Charlie Sosna, global head of private wealth and tax at law firm Mishcon de Reya, said on Bloomberg Radio recently. The OBR used assumptions of between 12% and 25% and cautioned that its estimates were "highly uncertain.' Tax consultants have skin in the game and therefore aren't unbiased observers, but they also deal directly with clients, so they are better placed than most to have a reading on trends. And some of their criticisms of the policy changes are well-aimed. The nondom regime, which exempted temporary foreign residents from paying tax on their overseas income and gains, was an archaic system (with origins in the Napoleonic Wars) that was too complicated and didn't incentivize people to bring their money into the U.K. But the Labour government's replacement was a missed opportunity to design a system that would have been both more attractive to high-net-worth individuals and raised more revenue, Sosna told me. The revised rules give a four-year tax break on foreign income and gains. "You could be a multibillionaire that comes to the U.K., sells your company, pays no tax at all and then you move on,' he said. "And the reality is the regime that they've created is attracting those people.' At the same time, four years is too short to attract longer-term entrants that might be valuable for Britain's economy and society. Making temporary foreign residents subject to the U.K.'s 40% inheritance tax was also a "massive' problem. Many nondoms were members of global families. "You're part of a much bigger puzzle so it's not just your decision, it's your whole family's wealth,' Sosna said. At this point, discussion is probably academic: The die is cast. As the CEBR report observes, the super-rich tend to cluster. They move in herds and the drift of nondoms away from Britain is likely to have a signaling effect that will cause the trend to gather momentum. It isn't just about tax. London has already lost some cachet, with the listings market in a prolonged slump and an increase in petty crime taking the edge off the city's appeal. It's less fun being ultrawealthy in a city where you can't wear your expensive watch or jewelry on the street without undue risk. The beneficiaries are countries such as Italy, which is attracting wealthy foreign residents with an annual flat fee of €200,000 ($225,000) — something that the free-market Adam Smith Institute, among others, has called for the U.K. to emulate. Milan has much to offer: It's the financial, fashion and design capital of Italy, packed with art and historic architecture, and with Lake Como and the Alps just a short drive away. Shame about the pizza. Matthew Brooker is a Bloomberg Opinion columnist covering business and infrastructure.
Yahoo
21-06-2025
- Business
- Yahoo
Reverse non-dom raid or I'm off to Italy, says castle-owning reality TV star
A celebrity couple moving to Italy to escape Rachel Reeves's non-dom tax raid have vowed to stay in the UK if the Chancellor reverses her plans. Ann Kaplan Mulholland, a former TV star from The Real Housewives of Toronto, and her plastic surgery tycoon husband, Stephen Mulholland, said they would cancel their planned move to Milan if the Government changed course on its proposals. 'Should Rachel Reeves reverse the non-dom tax raid we would, without question, stay in the UK,' said the Canadian businesswoman, who co-owns Lympne castle in Kent. Earlier this year, Ms Kaplan Mulholland vowed to move to Italy because she said the Treasury's non-dom plans would take an 'astronomical amount' of her £500m fortune. Italy's tax regime is luring more disenchanted multimillionaires from overseas by offering an annual €200,000 (£170,000) flat tax on overseas income for new residents no matter how much they earn. Ms Kaplan Mulholland said that Britain should copy the lump sum, which can save millionaires significant sums in tax. She said that such a move 'would solve the bleed of investors such as ourselves exiting the UK and drive the economy in England in a positive direction'. Labour's raid on the wealthy has already led a number of millionaires to flee the UK, triggering Ms Reeves to weigh up a reversal on her decision to charge 40pc inheritance tax on people's global assets. Senior City sources told The Telegraph last week that they had been in talks with the Government about how to 'create something more competitive'. The Chancellor scrapped the non-dom status in April, a move which had been widely expected, but also introduced the inheritance tax changes which have since been blamed for driving ultra-rich individuals abroad. A number of high profile businessmen, including Goldman Sachs' most senior banker outside the US, Richard Gnodde, and Aston Villa co-owner, Nassef Sawiris, have left Britain in the wake of the tax raid. Ms Kaplan Mulholland said the couple had invested heavily in the UK economy in recent years, purchasing a number of properties and a castle in Kent which she said employed almost 100 people. 'We are in the process of opening a third restaurant and a luxury hotel. None of this would have been considered and we would not have chosen the UK as our home or as an investment under the new regime. It is unfortunate. 'At this time we are well into the application process to move to Italy. 'The requirements and terms for an Italian tax-domicile are preferable for both the investor and the economy. Italy requires a €200,0000 [£170,000] plus €35,0000 spouse tax per annum but, unlike the UK, there is no tax on foreign assets or inheritance tax.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Telegraph
21-06-2025
- Business
- Telegraph
I'll stay in UK if Reeves drops non-dom raid, says castle-owning reality TV star
A celebrity couple moving to Italy to escape Rachel Reeves's non-dom tax raid have vowed to stay in the UK if the Chancellor reverses her plans. Ann Kaplan Mulholland, a former TV star from The Real Housewives of Toronto, and her plastic surgery tycoon husband, Stephen Mulholland, said they would cancel their planned move to Milan if the Government changed course on its proposals. 'Should Rachel Reeves reverse the non-dom tax raid we would, without question, stay in the UK,' said the Canadian businesswoman, who co-owns Lympne castle in Kent. Earlier this year, Ms Kaplan Mulholland vowed to move to Italy because she said the Treasury's non-dom plans would take an 'astronomical amount' of her £500m fortune. Italy's tax regime is luring more disenchanted multimillionaires from overseas by offering an annual €200,000 (£170,000) flat tax on overseas income for new residents no matter how much they earn. Ms Kaplan Mulholland said that Britain should copy the lump sum, which can save millionaires significant sums in tax. She said that such a move 'would solve the bleed of investors such as ourselves exiting the UK and drive the economy in England in a positive direction'. Labour's raid on the wealthy has already led a number of millionaires to flee the UK, triggering Ms Reeves to weigh up a reversal on her decision to charge 40pc inheritance tax on people's global assets. Senior City sources told The Telegraph last week that they had been in talks with the Government about how to 'create something more competitive'. The Chancellor scrapped the non-dom status in April, a move which had been widely expected, but also introduced the inheritance tax changes which have since been blamed for driving ultra-rich individuals abroad. A number of high profile businessmen, including Goldman Sachs' most senior banker outside the US, Richard Gnodde, and Aston Villa co-owner, Nassef Sawiris, have left Britain in the wake of the tax raid. Ms Kaplan Mulholland said the couple had invested heavily in the UK economy in recent years, purchasing a number of properties and a castle in Kent which she said employed almost 100 people. 'We are in the process of opening a third restaurant and a luxury hotel. None of this would have been considered and we would not have chosen the UK as our home or as an investment under the new regime. It is unfortunate. 'At this time we are well into the application process to move to Italy. 'The requirements and terms for an Italian tax-domicile are preferable for both the investor and the economy. Italy requires a €200,0000 [£170,000] plus €35,0000 spouse tax per annum but, unlike the UK, there is no tax on foreign assets or inheritance tax.'
Time of India
21-05-2025
- Entertainment
- Time of India
Who is Ann Kaplan Mulholland and why is her comment stirring controversy at Cannes?
Image credits: Getty Images Being famous has a string of perks, but it also has few drawbacks. You are on the internet almost 24/7, and while you may be appreciated for the good, you will definitely be called out for the bad. Ann Kaplan Mulholland , a 64-year-old entrepreneur, is currently attending the Cannes Film Festival, being held in the French city of Cannes from May 13-24, 2025. The Canadian millionaire entrepreneur recently debuted at the red carpet in a pink ensemble designed by Homolog, a Paris-based fashion house. Just like any other celebrity attending the festival, Mulholland went out and about in the coastal town, exploring its famous beauty. Now, a video of her poorly treating a restaurant server has been going viral on social media, along with the comment she made to him. Know all about this below! Who is Ann Kaplan Mulholland? Image credits: Getty Images Ann Kaplan Mulholland is famous for a variety of things. Firstly, she is a millionaire entrepreneur who is the CEO of iFinance Canada , the parent company to Medicard, Petcard, Dentalcard, iFinanceTech and iFinance Home Improvement. Secondly, she was a part of the reality TV show, 'The Real Housewives of Toronto ' and the author of the book 'How to Be Successful in Spite of Yourself'. She had a doctorate in finance and a whopping net worth of £500 million, according to the Daily Mail. Born in Winnipeg and raised in Victoria, the popular personality has been married to her surgeon and former ice hockey player husband, Stephen Mulholland, for the past 22 years, and the pair share eight children and two pets. In an interview with the HELLO! Magazine, the couple revealed that they met at a plastic surgery convention where Ann's company was financing U.S. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elevate Business Writing With This Desktop App Grammarly Learn More Undo procedures and Stephen was attending as a surgeon. Stephen also shared that he instantly knew he was going to marry Ann, but it took him 14 months of "wooing" for him to convince her of the same. Over the years, Ann has become a known face in the media with her self-made career, which she uses to inspire young women, her stint on the reality TV and her and her husband's highly successful and popular professional careers. Why is Ann Kaplan Mulholland's comment stirring controversy at Cannes? Image credits: X/@OliLondonTV Mulholland, who debuted at the film festival recently, shared a video where she could be seen sitting at a table in a restaurant alongside her friends. In the now-deleted video, which she posted with the caption, "#SoClose", a waiter was helping the media personality to a slice of pizza when she looked at him with a serious expression and said, "Do I look like I eat carbs?" The member of the staff appeared visibly shocked at Mulholland's comment as he removed the pizza from her plate and awkwardly stepped away from the table. Mulholland then turned away from him and continued speaking to her friends. The socialite's behaviour with the staff has gone viral all over social media, where people have been condemning her rude comment to the waiter who was just doing his job. Influencer Joey Swoll shared Mulholland's viral video on X, condemning her behaviour, writing, "You can tell a lot about someone from how they treat the waitstaff at a restaurant." Internet personality Oli London, also reposted Swoll's reaction on X, calling out Mulholland for her rude behaviour. While Mulholland's video comes as a shocking and disturbing revelation of how she and many popular celebrities treat people, it also marks a stark contrast from the way she had earlier presented herself. In a 2018 interview with the HELLO! Magazine, she spoke on and on about being aware of how important each action is. "It's about living in the moment but being accountable. All the actions that you take, be accountable for them," she said. "When you do something, own up to it. Be aware of how important each action is. Even when you're getting a coffee, if you smile at someone, they can smile back. I like doing that- when I get my coffee, I smile back. It's a lot nicer to live that way," said the multimillionaire. However, her actions in the viral video seem to be completely opposite to the persona she portrayed. This marks the contrasting images that media personalities present in front of the media and people, and how they really are.
Hindustan Times
21-05-2025
- Entertainment
- Hindustan Times
Millionaire reality TV star mocks Cannes waiter in viral video: 'Do I look like I eat carbs?'
A multi-millionaire reality TV actress has triggered outrage on social media after sharing a video of her 'rude' behaviour towards a waiter in a Cannes restaurant. Real Housewives of Toronto star and socialite Ann Kaplan Mulholland was seen dismissing a waiter trying to serve her pizza as she sat for a meal with her friends. Mulholland shared the video on her Instagram among a series of posts as she attended the Cannes Film Festival. In the now-deleted clip, the group can be seen sitting outside in a restaurant when one of the servers tries to serve the 64-year-old a slice of pizza. With a blank expression, she taunted the waiter, saying, 'Do I look like I eat carbs?' The waiter was baffled by her comment and quietly apologised before withdrawing the food. Her associate, who is recording the video, can be heard chuckling at the exchange. Fitness influencer Joey Swoll shared the video on social media and called out her "rude and arrogant" behaviour. "You can tell a lot about someone from how they treat the waitstaff at a restaurant," he wrote. Labelling her a "narcissist", he said that Mulholland did not know "how to act like an adult at a restaurant." He also accused her of thinking she was "better than people" because of her wealth and status. "For you to take a video of that man, to post it online, to try to shame and embarrass him, and all for what? Some likes and attention on social media? Seriously?" the bodybuilder said. The video went viral on social media, earning flak over Mulholland's behaviour. "Someone's father is just trying to do his job and feed his family, and she posted it on her social media. She saw nothing wrong with it," said one user. Another wrote, "It's weird how 'no thank you' has fewer syllables, but she just wanted to be nasty. One day, her outsides will look like her insides." With a reported net worth of £500 million, Mulholland moved to the UK with her husband to invest in a castle and has been a regular at European red carpet events.
