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\t\tAs of April, global assets have been slapped with a 40 per cent inheritance tax. (Photo by Carl Court\/Getty Images)\t<\/p>\n
Rachel Reeves is reportedly mulling over changes to inheritance tax (IHT) on non-doms for assets held around the world, as pressure has ramped up from the City.<\/p>\n
That\u2019s according to a report in the Financial Times<\/a>, with \u201ctweaks\u201d to current rules to stem the UK\u2019s haemorrhaging of non-doms.\u00a0<\/p>\n This potential U-turn follows pressure on the Chancellor to deliver a \u201cclearer, more stable tax environment\u201d<\/a> for businesses and wealth creators.\u00a0<\/p>\n As of April, global assets have been slapped with a 40 per cent inheritance tax, which the FT claims is the aspect of the rule changes that has caused the most trouble in the Square Mile.\u00a0<\/p>\n Before Labour came to power, the party claimed that the crackdown on non-dom trusts would bring in \u00a3430m each year, although the Office for Budget Responsibility (OBR) estimates following the Budget found that the tax would bring in half as much.<\/p>\n The Treasury said: \u201cThe UK remains highly attractive. Our main capital gains tax rate is lower than any other G7 European country and our new residence-based regime is simpler and more attractive than the previous one, whilst it also addresses tax system unfairness so every long-term resident pays their taxes here.<\/p>\n \u201cAs the Chancellor set out at Spring Statement, the government will continue to work with stakeholders to ensure the new regime is internationally competitive and continues to focus on attracting the best talent and investment to the UK.\u201d<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tNon-dom exodus could blow \u2018black hole\u2019 in public finances<\/a><\/p>\n Inheritance tax non-dom exodus<\/p>\n Rishi Sunak\u2019s Conservative government first announced the rules ahead of the General Election, likely to preempt Labour plans to do the same.\u00a0<\/p>\n The rules were confirmed by Rachel Reeves at her Budget in October<\/a> and implemented in April.\u00a0<\/p>\n High-profile figures are poised to leave the UK, such as Sunday Times Rich List steel billionaire Lakshmi Mittal<\/a>.\u00a0<\/p>\n Mittal bought what was then the world\u2019s most expensive home for \u00a367m in 2004, and his businesses are a major British employer.\u00a0\u00a0<\/p>\n According to research released earlier in June, four in ten non-doms are actively considering ditching the UK for somewhere with a more favourable tax regime.\u00a0<\/p>\n