A growing number of company directors have left the UK following tax changes introduced by Prime Minister Sir Keir Starmer’s Labour government. The most significant shift was the scrapping of tax breaks for non-domiciled residents ("non-doms"), alongside higher taxes on wealth, capital gains, and private equity fund managers. The United Arab Emirates has become the top destination for these wealthy emigrants.

According to a Financial Times analysis of company records, 3,790 directors reported leaving the UK between last October’s budget and July, up from 2,712 during the same period a year earlier. Notable departures include Mark Makepeace (founder of FTSE Russell), Bart Becht (former CEO of Reckitt Benckiser), and football investor Riccardo Silva. Prominent boxing promoter Eddie Hearn and Ineos CFO John Reece also reportedly changed their residences to Monaco.

The number of exits spiked in April 2025, the month the non-dom reforms took effect, reaching 691, a 79% increase over April 2024 and more than double the number in April 2023.

Chancellor Rachel Reeves is reportedly considering adjustments to the policy, but given fiscal constraints, a full reversal appears unlikely. The government said it will focus on supporting those most directly impacted.

UK's tax friction risky, uncertain

A company director who recently relocated to Milan told the FT that people love the UK but also want to increase their investments, calling the UK's tax friction risky and uncertain. 

There’s no definitive data on how many wealthy individuals are leaving the UK in response to Labour’s recent tax reforms. While some surveys suggest a sharp rise in millionaire emigration, they’ve faced criticism over questionable methodology.

Government models do anticipate an increase in departures, but the forecast for the new non-dom tax policy does not provide an estimate of total leavers. The Office for Budget Responsibility projects the reforms could raise £33.8 billion over five years but admits this figure is “highly uncertain", given that it hinges on the decisions of a relatively small group of affluent individuals.

The Financial Times analysis only includes people who officially changed their country of residence while retaining at least one UK directorship, meaning their true tax status remains unclear. Nonetheless, the noticeable spike in this limited sample has fueled concerns about a wider outflow of wealth.

While part of the rise is due to foreign nationals returning to countries like China and Germany, the number of UK citizens reporting overseas moves has also grown sharply.