Tax & Spend
UK’s Wealthy Relieved Labour Tax Hikes Are Not as Bad as Feared, for Now
- Reeves’s first budget taxes more private equity, inheritances
- Non-doms are given more time to bring wealth into the UK
The Campden Hill Court luxury residential building in the Kensington and Chelsea district of London.
Photographer: Jason Alden/BloombergThe UK’s wealthy are relieved that the new Labour government did not hit them as hard as expected in its first budget, but were less reassured about tax raises that could yet come.
Taxes on capital gains and private equity deals increased by less than feared, while rich residents using the non-dom rules were given more time to bring money into the country — all seen as signs that Labour listened to warnings that punishing the rich would prompt them to leave the UK.