Utmost warns tax on wealthy non-resident property owners will be detrimental to UK

Utmost global wealth specialist Marc Acheson says government plans to levy an additional non-resident premium on expats who own properties worth more than £2m would accelerate the exodus of wealthy international individuals and damage the UK's reputation.

The government’s proposals would be in addi­tion to the man­sion tax, The Telegraph reports.

Acheson said the plans would also be unlikely to raise the levels of revenue anticipates as more people will consider selling London properties, putting further downward pressure on valuations at the top end of the housing market.

“More broadly, it risks further damaging the UK’s reputation as a destination for wealth and accelerating the ongoing exodus of wealthy international individuals that began in earnest following the abolition of the non-dom regime at the Autumn 2024 Budget,” he said.

“The economy cannot afford to lose these individuals, who are the largest contributors to the tax base, and once this cohort leaves it is very hard to replace them.

“Meanwhile, our loss continues to be Italy and Switzerland’s gain who are competing aggressively to attract this wealth by offering attractive regimes as they seek to broaden their tax bases.”