A record 9,500 millionaires are forecast to leave Britain in 2024, up from 4,200 in the previous year, according to advisory firm Henley & Partners.
Other countries are expected to see a huge influx, with the United Arab Emirates attracting 6,700 millionaires from places such as India, the Middle East and Russia as well as the UK.
Nicola Saccardo, of law firm Charles Russell Speechlys, said he had witnessed an “uptick in relocations to Italy among wealthy individuals” since Labour announced plans to abolish the non-dom regime.
“There has been significant interest in the Italian lump sum tax regime among private equity partners, particularly due to Italy’s favourable treatment of carried interest in contrast to the UK.”
Since 2017 Italy has been attracting more millionaires to its shore with its lump sum tax regime, which allows wealthy people to pay €100,000 per year in lieu of income tax on non-Italian sources of income and gains.
Labour expects to raise £565m from closing the “carried interest loophole” which allows private equity executives in the UK to pay lower rates of tax on profits from successful deals. These gains are currently taxed at 28pc but this could rise to 45pc under the new government’s plans. By comparison, carried interest is taxed at 26pc in Italy.
