Nearly half (46%) of non-doms are weighing the option of leaving the UK for good in near future due to Brexit and tax changes, putting £9.3bn of tax revenue at risk, according to a research by accountancy firm Moore Stephens.
The percentage of non-doms mulling to leave UK increased from 37% last year. Around 10% have already relocated from the country.
Those mulling to exit the UK stated tax hikes for non-doms and Brexit as the primary reason for the decision.
Switzerland, USA, and Monaco emerged is the most attractive destinations for those considering an exit.
However, over half (53%) of the non-doms said that more competitive tax rates would compel them to remain in the UK.
Moore Stephens head of private client tax Simon Baylis said: “It’s clear that non-doms have serious concerns about their futures in the UK. Many non-doms have been squeezed by tax law changes over the last decade or so, but Brexit could be the tipping point.”
“If half of the non-doms choose to leave the UK – as our research suggests could be likely – the Government could lose close to £5 billion in revenue.”