City fears tax hikes from Rachel Reeves’s upcoming budget

Recently, a gathering of some of Britain's wealthiest individuals took place in Westminster, specifically at One Birdcage Walk, which overlooks the Treasury. This meeting was organized by a new lobby group called Foreign Investors for Britain, aimed at addressing concerns regarding personal tax changes. The attendees, including businesses, non-doms, and private equity representatives, expressed significant worries about potential tax hikes that could arise from the upcoming budget. One of the primary issues discussed was the potential ending of the 'non-dom' tax status, a special tax regime that has been in place since the Napoleonic Wars. Leslie MacLeod-Miller, an Australian lawyer who coordinated the meeting, highlighted that the removal of this status could lead to a loss of up to £1 billion in tax revenue for the UK. The meeting served as a platform for these wealthy individuals to raise 'alarm bells' about the implications of the proposed tax changes. Their concerns reflect a broader anxiety among high-net-worth individuals regarding the UK’s tax environment and its impact on their financial decisions. As the chancellor prepares for the upcoming budget, the discussions at this meeting underscore the tension between government fiscal policies and the interests of wealthy taxpayers. The outcome of these deliberations could significantly influence the future of tax regulations in the UK and the retention of foreign investment.