Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: One soldier killed, 11 wounded during the security incident in the Al-Zaytoun neighborhood, and the fate of the 4 soldiers remains unknown
Israeli media: IOF withdraw from Al-Zaytoun neighborhood
Israeli media: Face-to-face clashes with machine guns between Hamas and Israeli forces in Al-Zaytoun neighborhood, southeast of Gaza City
Israeli media: Helicopters sent to evacuate troops from Al-Zaytoun are under heavy fire
Israeli media: A new security incident at an additional location in the Al-Zaytoun neighborhood, southeast of Gaza City
Israeli media: Search for 4 missing soldiers in Al-Zaytoun neighborhood, southeast of Gaza City.
Israeli media platform: In the second incident, two injured people were transported from Gaza, and we are awaiting the authorities to notify the families to provide additional details shortly
Israeli media platform: 3 security incidents reported in Gaza
Israeli media platform: A serious incident in Gaza... A dead soldier was evacuated under fire... and an additional evacuation helicopter was dispatched
Israeli media outlet: Fierce battles ongoing between our forces and "militants" in the Gaza Strip

Thousands of company directors leave UK after Labour’s tax reforms: FT

  • By Al Mayadeen English
  • Source: Financial Times
  • 6 Aug 2025 19:07
3 Min Read

A company director who recently relocated to Milan tells the FT that while people love the UK, they also want to increase their investments.

Listen
  • x
  • Thousands of company directors leave UK after labour’s tax reforms: FT
    Britain's Prime Minister Keir Starmer delivers a statement on Defense spending at Downing Street in London on February 25, 2025 (AP)

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.

Related News

Corbyn to Al Mayadeen: New party to fight for justice and Palestine

Heatwave politics: Could air conditioning become a UK election issue?

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.

  • United Kingdom
  • Labour Party
  • Britain
  • London
  • Keir Starmer

Most Read

Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Tom Barrack's imperial tantrum in Beirut: When entitlement speaks (Photo by Mahdi Rtail)

Tom Barrack's imperial tantrum in Beirut: When entitlement speaks

  • Politics
  • 26 Aug 2025
Although it does seem likely they will launch some kind of operation in northern Gaza, one which will accelerate its mass murder of civilians, but will fail to achieve its stated objectives. (Al Mayadeen English; Illustrated by Batoul Chamas)

Here is why the Israeli occupation of Gaza won’t work

  • Opinion
  • 26 Aug 2025
A scene showing an al-Qassam Brigades fighter during an ambush on July 7, 2025, in a video released by the al-Qassam Brigades on August 26, 2025 (al-Qassam Brigades Military Media)

Al-Qassam reveals Beit Hanoun ambush targeting Israeli forces

  • Politics
  • 26 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Global Sumud flotilla sets sail to break blockade on Gaza
Palestine

Global Sumud flotilla, largest yet, to set sail bound for Gaza

A Palestinian flag flies next to a Slovenian, center, and a European Union flag, right, at the government building in Ljubljana, Slovenia, Thursday, May 30, 2024 (AP)
Politics

Slovenia mulls entry ban for Israeli PM Netanyahu

Turkish Foreign Minister Hakan Fidan speaks during a joint news conference following a meeting with Russian Foreign Minister Sergey Lavrov in Moscow, Russia, Tuesday, May 27, 2025 (AP)
Politics

Turkey severs 'Israel' trade ties, closes airspace to Israeli aircraft

Maduro vows Venezuela is 'impenetrable' as US warships mear Caribbean
Latin America

Maduro vows Venezuela is 'impenetrable' as US warships near Caribbean

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS