With it’s world class education system, robust rule of law and central time zone, London is still the best place in the world to be a non-dom, says Duncan MacIntyre

From Ann Kaplan Mulholland and her husband Dr Stephen Mulholland to Lakshmi Mittal and Frederic de Mevius, multi-millionaires and billionaires have been making headlines in the UK – not because of the successes and growth they are bringing to their adoptive homeland, but because they are leaving.

The idea of a “brain drain” of wealthy individuals from our shores understandably raises alarm. The recent abolition of the non-dom tax regime has prompted some to seek pastures new, spurred by fears of increased tax burdens, especially on inherited wealth and money earned or held overseas. Despite recent speculation around potential changes to the decision to charge UK inheritance tax on non-doms’ global assets, we have witnessed a shift within the private banking sphere in London, with some clients indeed making plans to relocate or diversify their holdings.

However, to paint a picture of wholesale exodus and irreversible decline would be to miss a........

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