Stat of the day: 16,000

The drop in the number of UK after a £30,000 levy on people with off-shore was accounts introduced.

by Elizabeth Anderson
Last Updated: 09 Oct 2013
It seems a £30,000 fee imposed on super-rich 'non-doms' with offshore accounts is having an effect. Almost 16,000 people left the UK after the charge was introduced; meaning the number of non-doms fell to 123,000, according to law firm McGrigors.

The number represents 11.5% of the total non-dom population – foreign individuals who live in the UK but don’t pay tax on their earnings abroad – and is the first time in five years the number falling has exceeded the number arriving to the UK.

But while it's tempting to ask the retreating millionaires to close the door on their way out, it's not necessarily a good thing: because while they might not be paying taxes, their businesses probably are - and critics have already warned that the amount of money the Treasury loses as a result of the mass departure will be more than the amount it makes through the levy. Hmm.

Find this article useful?

Get more great articles like this in your inbox every lunchtime