Latest news with #taxstatus
Forbes
2 days ago
- Business
- Forbes
John Fredriksen The Latest Billionaire To Leave Britain
One of the richest people in the United Kingdom, shipping billionaire John Fredriksen, is reportedly selling his 300-year-old Georgian manor in London a month after he declared 'Britain has gone to Hell,' joining a mass exodus of super wealthy residents leaving the United Kingdom. Picture made on October 17, 2007 in Oslo of John Fredriksen. SCANPIX NORWAY/AFP via Getty Images Fredriksen has reportedly fired more than a dozen domestic employees and is arranging for discreet viewings of the 30,000-square-food mansion known as The Old Rectory, cementing his departure from Britain. The Old Rectory in Chelsea is one of Britain's most expensive houses at an estimated $337 million (£250 million) and includes 10 bedrooms, a ballroom and two acres of land—the third-largest private gardens in London. The move to sell the famous property comes one month after Fredriksen blamed the abolishment of non-domicile tax status (which previously allowed non-citizen residents to only pay British taxes on the money they earned in the country) for his decision to leave the U.K. He confirmed to E24, a Norwegian publication, that he was relocating to the United Arab Emirates and declared, 'the entire western world is on its way down." Fredriksen closed the London headquarters of Seatankers Management, one of his private shipping businesses, earlier this year. Get Forbes Breaking News Text Alerts: We're launching text message alerts so you'll always know the biggest stories shaping the day's headlines. Text 'Alerts' to (201) 335-0739 or sign up here : Fredriksen is just the latest of the United Kingdom's super wealthy residents to leave the country. Britain is losing millionaires and billionaires faster than any of the other wealthiest countries in the world, according to Henley & Partners, and 16,500 millionaires are expected to leave this year. The U.K. ranks fifth in the world in terms of its high-net-worth ($1 million and above) individual population, but is the only one of the world's 10 richest countries to have negative millionaire growth over the past decade. Tax reforms—including a hike in inheritance tax, 15% value-added tax on private school fees and shifts in the residence-based tax system—have all made the U.K. increasingly unattractive to high-net-worth investors, Henley reports. Others to have recently left Britain include billionaires Christian Angermayer and Nassef Sawiris, who owns Aston Villa. Montenegro has seen the highest millionaire growth by percentile than any other country in the last decade. Its millionaire population has ballooned by 124%. The United Arab Emirates is in second place (98%), followed by Malta (87%), the U.S. (87%) and China (74%). Big Number 9,800. That's how many millionaires are expected to move to the UAE this year, more than any other country. Together, they're expected to be worth an estimated $63 billion. Tangent The Old Rectory in Chelsea dates back to the 1720s and the site was formerly home to the rector of Chelsea parish church, which dates back to 1157. It was refurbished in the 1990s and sold to Greek shipping magnate Theodore Angelopoulos in 1995 for $30 million (£22 million), after which it long held the record for London's largest and most expensive property sale. Fredriksen bought the property for $50 million (£37 million) in 2001 and reportedly turned down an unsolicited $135 million (£100 million) offer from Russian business oligarch Roman Abramovich to buy the property in 2004. Forbes Valuation Fredriksen, an 81-year-old Cypriot national, was the 136th-richest man in the world as of Monday. He has an estimated net worth of $17.3 billion, which he made in the oil and shipping businesses. Today, his empire includes oil tankers, dry bulkers, LNG carriers and deepwater drilling rigs. He is expected to hand control of his empire to his twin daughters, Cecilie and Kathrine Fredriksen. Section Title Forbes The World's Most Powerful Passports In 2025, According To Henley Index By Duncan Madden Forbes Henley Wealth Report 2025: U.S. Tops Global Wealth Growth By Duncan Madden Forbes The World's Wealthiest Cities In 2025, According To The Henley Cities Report By Duncan Madden
Yahoo
6 days ago
- Business
- Yahoo
Fewer people claimed non-dom tax status in UK ahead of Government crackdown
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%. 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 £2.7 billion for the Treasury by 2028-29. Recent data showed the UK saw the biggest fall in billionaires on record amid the Government non-dom clampdown. The Sunday Times Rich List said there were fewer of the world's 'super rich' coming to live in Britain. HMRC's data published on Thursday showed that some £9 billion was raised from non-doms paying income tax, capital gains tax and national insurance last year. This was a £107 million increase on the prior year, despite the dip in the number of individuals.
The Independent
6 days ago
- Business
- The Independent
Fewer people claimed non-dom tax status in UK ahead of Government crackdown
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%. 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 £2.7 billion for the Treasury by 2028-29. Recent data showed the UK saw the biggest fall in billionaires on record amid the Government non-dom clampdown. The Sunday Times Rich List said there were fewer of the world's 'super rich' coming to live in Britain. HMRC's data published on Thursday showed that some £9 billion was raised from non-doms paying income tax, capital gains tax and national insurance last year. This was a £107 million increase on the prior year, despite the dip in the number of individuals.
