UK Chancellor Rachel Reeves Considers Reversing Non-Dom Inheritance Tax Amid 16,500 Millionaire Exodus and £66 Billion Asset Loss in 2025

UK Chancellor Rachel Reeves is considering reversing or softening the decision to impose inheritance tax on the global assets of non-domiciled (non-dom) individuals amid a growing exodus of wealthy residents. The original tax reforms, aimed at tightening rules on non-doms, have reportedly triggered a record outflow of millionaires from the UK, with estimates suggesting up to 16,500 millionaires could leave in 2025. This migration is expected to result in the loss of approximately £66 billion in assets. The policy shift under Reeves has raised concerns about its impact on the UK's attractiveness to wealthy individuals, with analysts and media outlets describing the situation as a "wealth exodus" or "Wexit." The government is reportedly reassessing the inheritance tax changes to halt this capital flight, which critics argue could harm the UK economy and tax revenues. The debate around these tax reforms has also sparked political clashes over wealth taxation and economic policy direction in the UK.