By PrimeResi.
With the news of non-dom tax regime abolition, Black Brick Founder & Managing Partner, Camilla Dell featured in PrimeResi this week to share her thoughts, alongside a panel of other experts in prime central London property.
At Black Brick, we have always believed in giving our clients a clear-eyed, honest assessment of the market — and the planned abolition of the UK’s non-domiciled tax regime is a subject on which our Managing Partner Camilla Dell has a firm and considered view.
As Camilla has stated plainly, there are no positive takeaways from either the Conservative or Labour proposals to reform the UK’s non-dom regime. The changes are likely to prompt some non-domiciled residents to leave the UK in favour of more tax-friendly jurisdictions, and will almost certainly deter some high-net-worth individuals from choosing to relocate here in the first place. A four-year tax-free window for new arrivals — the centrepiece of the proposed replacement system — is simply not long enough for families to put down meaningful roots, build relationships and genuinely settle into life in the UK.
That said, Camilla is careful to distinguish between those who may choose to leave and those who will actually sell their prime central London properties as a result. Quitting the UK does not automatically mean a property comes to market — many non-doms may retain their London homes even if they shift their primary residence elsewhere. Furthermore, those who have spent many years building a life here, with established careers, friendship networks and family ties, may ultimately decide that the disruption of leaving outweighs the financial benefit of doing so.
The full impact on prime central London property pricing therefore remains to be seen. What is certain, however, is that the changes introduce a new layer of complexity and uncertainty into an already nuanced market — and never has the value of expert, independent buying agent advice been greater.
At Black Brick, we are here to help our clients navigate these changes with confidence and clarity.
Read the full article here.