Yahoo Finance

The UK's tax overhaul for wealthy foreigners could end up costing more than it raises if just a quarter of those affected decide to leave, according to the Centre for Economics and Business Research. The think tank warned that abolishing non-domiciled resident status scrapped last month risks turning into a fiscal burden rather than a revenue boost for the Treasury. Charlie Sosna, Partner and Head of Private Wealth and Tax at Mishcon de Reya, said the firm is already working with clients preparing to leave. He told Bloomberg Radio's Caroline Hepker and Tom Mackenzie that he "wouldn't be surprised" if as many as 40% of the UK's non-doms end up relocating.