UK rich list has recorded the biggest drop in 37 years According to the Sunday Times Rich List, the number of billionaires in the UK has seen the largest drop on record since the abolition of the non-domiciled (non-dom) tax status and the introduction of global taxation under Chancellor Rachel Reeves. In this annual wealth ranking, the Hinduja family once again topped the list with assets exceeding £3.5 billion. Well-known figures including Elton John, Andrew Lloyd Webber, Lewis Hamilton, David and Victoria Beckham, and even King Charles III were all featured among the 350 wealthiest individuals and families in the UK. However, the list also revealed that the number of UK billionaires has declined for the third consecutive year. The count dropped from 165 in 2024 to 156 in 2025 — the steepest annual decrease in the 37-year history of the list. Robert Watts, compiler of the Rich List, noted: "We're seeing fewer billionaires, their combined wealth is also declining, and there are fewer global super-rich choosing to settle in the UK." He added, "While interviewing wealthy individuals for the list, criticism of the UK Treasury was especially strong. We initially thought scrapping the non-dom status would mainly upset wealthy foreigners, but actually, young homegrown tech entrepreneurs and heads of centuries-old family businesses also warned that several tax reforms announced in last autumn’s budget could have serious consequences." Notably, Akshata Murty, wife of former Prime Minister Rishi Sunak, was once a high-profile non-dom. The couple reappeared on the 2025 Rich List, but their wealth dropped from £65.1 million to £64 million due to falling Infosys shares amid tariff concerns — putting them on par with King Charles III, who also holds personal assets of £64 million. Jim Ratcliffe, founder of chemicals giant Ineos and part-owner of Manchester United, saw his wealth shrink for the second year in a row, down by approximately £6 billion in 2025 to £17 billion, placing him seventh on the list. Meanwhile, Russian-born brothers Igor and Dmitry Bukhman, developers of mobile games like Gardenscapes and Fishdom, nearly doubled their wealth to £12.5 billion. The list highlights that technology and real estate remain key engines of wealth, while macroeconomic uncertainty and geopolitical tensions are reshaping the UK's financial landscape. Read more... One in 10 people in Britain have zero savings Data released last week by the UK's Financial Conduct Authority (FCA) shows that one in ten Britons has no cash savings at all for emergencies, and a further 21% have savings of less than £1,000, highlighting the financial vulnerability faced by millions. In addition, nearly half of all adults have unsecured debt, with a median amount of £2,500. Among adults with defined contribution pensions, one-third have savings of less than £10,000, and 12% don’t even know how much is in their pension accounts. Over the past two years, 1.6 million homeowners (around 3%) have received support from mortgage lenders or credit institutions to cope with repayment pressures. These figures are significant reference points for the Bank of England and policymakers guiding the UK economy, indicating that the country is being hit by inflation, a cooling job market, and the threat of a global trade war triggered by U.S. President Trump’s new tariffs. Sarah Pritchard, Executive Director of Consumers and Competition at the FCA, said: "The data shows many people are under serious financial strain, with some unable to save for a rainy day. We also found a lack of confidence in investing among the public." In the past 12 months, only 8.6% of people have received financial advice on investments, pensions, or retirement planning. As of 2024, around 900,000 adults remain "unbanked" (without a bank account), although this is down from 1.1 million in 2022. Rachael Griffin, tax and financial planning expert at investment firm Quilter, also noted: "This reflects a broader cultural trend — a general lack of confidence in investing, and a sense of confusion and lack of understanding when it comes to navigating financial markets." The FCA stated that it is working to improve public access to financial services, guidance, and advice, aiming to help those under debt stress build a more resilient financial future. Read More... Work permit applicants after 2020 may be affected by the new 10-year permanent residency rules According to the immigration white paper released last week by UK Prime Minister Keir Starmer, new rules will extend the waiting period for work visa holders to obtain permanent residency, and these changes will apply to individuals already holding visas in the UK. The white paper states that under the new policy, immigrants will typically need 10 years before they can apply for Indefinite Leave to Remain (ILR) — double the current five-year requirement. Previously, it was unclear whether this change would affect the approximately 1.5 million foreign workers who have moved to the UK since 2020. However, according to British media, a document to be released in the coming weeks will clarify that the government intends to apply the 10-year threshold to existing visa holders, not just new applicants. That said, the policy document released last week notes that non-British family members of British citizens will still be eligible to apply for settlement under the current five-year rule. Additionally, individuals who can demonstrate significant contributions to the UK’s economy and society will continue to be eligible for faster settlement pathways. Net migration to the UK (the difference between those entering and leaving the country) reached a record 906,000 in the 12 months to June 2023, with the total for the year at 728,000. Prime Minister Keir Starmer stated that the new measures mean: “Settlement will be a privilege to be earned, not an automatic right. If you contribute to the UK, work, pay taxes, and help rebuild the country, you’ll find it easier to qualify for settlement.” However, some Labour MPs have expressed concern over the possible retroactive application of the extended residency requirement to current residents — warning it could face legal challenges. Florence Eshalomi, Chair of the Housing, Communities and Local Government Committee, noted in Parliament that the policy lacks clarity and that constituents have already voiced serious concerns. She mentioned that some individuals have even said they are considering leaving the UK, fearing their settlement status is now at risk. In response, Home Secretary Yvette Cooper stated that the government will launch a public consultation and release more details later this year. Read More... For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .

The US administration recently announced a plan targeting more than 20 economies with the largest trade deficits with the US, claiming unfair trade practices are harming American interests. In addition, the US plans to impose a 10% baseline tariff on nearly all imports from around 180 countries and regions — including the UK. What’s really going on, and more importantly, how will it impact everyday life in the UK?   US Tariffs may cut UK economic growth by 2% Although the US has only imposed the lowest 10% tariff on UK exports, this trade barrier is still expected to significantly impact the British economy. Several leading think tanks estimate that this policy could shave up to 2 percentage points off the UK's annual GDP growth. UK Prime Minister Keir Starmer stated that the government is actively exploring countermeasures, prioritising an accelerated UK-US trade agreement negotiation to offset the economic hit. Interestingly, on April 3, the UK’s Department for Business and Trade released a 417-page document listing over 11,000 US products — many of which may become targets for retaliatory tariffs. This move was widely seen as a strong signal to Washington. Insiders revealed that officials at 10 Downing Street were somewhat relieved that the UK only received the minimum 10% tariff — especially when compared to the 20% punitive tariffs slapped on EU countries. This differential treatment is seen as a relative advantage for Britain. GBP surge shocks international students Markets reacted fast — within 24 hours, the British Pound surged. International students in the UK definitely felt this during tuition payments — GBP to CNY jumped to 9.41, a post-Brexit high. The pound’s exchange rate against both CNY and USD hit multi-year highs, while UK 30-year government bond yields spiked to 5.19%, the highest since the 1998 Asian Financial Crisis — raising alarm bells in fiscal circles. Government debt burden set to grow Each 1% rise in bond yields adds roughly £18 billion in annual debt interest. Chancellor Rachel Reeves now faces a fiscal double whammy: shrinking tax revenues from a slowing economy and rising borrowing costs. Budget revisions in the autumn may become inevitable. How is the government responding? 1. Diplomatic policy The UK has launched a multi-pronged response. PM Starmer is reportedly opening hotline talks with global allies such as Australia's PM Anthony Albanese and Italy’s PM Giorgia Meloni. Goals of this diplomatic blitz include: Establishing a real-time economic intelligence network Building a joint protective buffer to reduce the global economic fallout of US tariffs 2. Economic policy A recent Deutsche Bank report warned that Trump’s tariff move could cost 50,000 to   100,000 UK jobs, shrinking GDP by 0.3% to 0.6% — or up to 6 per 1,000 of total output. To fight back, the UK government is planning a three-pronged strategy: Launch an economic reform plan to restructure industries and streamline investments Eliminate invisible roadblocks like red tape and monopolies that hinder business growth Accelerate infrastructure rollout, especially for high-speed rail and green energy projects The aim? Push for a ‘speed-up’ amidst a turbulent global economy.   3. How will the tariffs impact everyday Brits? US tariffs are already rippling through UK households, affecting everything from supermarket prices to interest rates. Here are 5 key areas where you'll likely feel the changes: Higher Living Costs Products imported from the US such as steak, cherries, and other foods — may get pricier. If the UK retaliates with tariffs, these items will take the first hit. On the flip side, supermarkets may boost promotions for French cheese and Spanish ham as alternatives. Investment Market Volatility Many Brits noticed their retirement funds and investment portfolios took a hit due to drops in US stocks. Experts urge calm — don’t panic sell. Think of long-term investing like slow-cooking a stew — patience is key. Job Market Turbulence Industries that heavily export to the US, like car manufacturing, may face setbacks. US consumers might shift to domestic products, forcing UK exporters to cut costs — possibly jobs. Still, there’s a silver lining: innovation pressure could spur new tech and green job creation. Energy Price Spikes Natural gas for cooking or petrol for cars may soon feel more expensive. One-third of the UK’s LNG comes from the US If exports fall due to domestic US demand, UK households could face rising energy bills. Time to check your home insulation! Interest Rate Uncertainty The Bank of England may pause planned rate cuts. Base interest rates (currently 4.5%) could remain high — bad news for first-time homebuyers, as monthly repayments could jump. On the bright side? Savings accounts are paying more now. Final Thoughts Yes, economic changes are happening fast — but there’s no need to panic. Keep up with the news, plan your finances wisely, and if needed, consult a tax advisor to help with your financial planning. Remember – economic uncertainty is like British weather — unpredictable, but if you stay prepared, the sun always returns. For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .

From April onwards, various UK tax changes, along with rising household bills, have created new challenges and opportunities in personal and business financial planning. Of particular concern for foreign nationals residing in the UK is the new policy which took effect on 6 April – the Foreign Income and Gains (FIG) regime. This policy marks a fundamental shift in how non-domiciled individuals are taxed, including the abolition of the remittance basis and the introduction of worldwide taxation on any income or gains earned outside the UK.   So, how will the abolition of the ‘non-dom’ tax regime affect individuals? How the Non-Domicile Tax Regime is Changing Before 6 April 2025 For migrants who have lived in the UK for at least 183 days in a tax year and are considered UK tax residents, but whose permanent home (or ‘domicile’) remains abroad, they are classed as Non-Domiciled (‘non-dom’). Under these current rules, they can enjoy tax exemptions on foreign income and gains for up to 15 years. They could also choose between: Arising basis: Pay UK tax on worldwide income and capital gains Remittance basis: Only pay UK tax on foreign income and gains brought into the UK, with untaxed amounts remaining offshore After 6 April 2025 The non-dom regime was abolished in favour of a residence-based system for Foreign Income and Gains (FIG). Under the new FIG regime, those who: Become UK tax residents on or after 6 April 2025, and Have been non-UK tax residents for the previous 10 consecutive tax years can benefit from a 4-year tax exemption on their foreign income and gains. During this 4-year period: Foreign income and gains are 100% exempt from UK tax, regardless of whether the funds are brought into the UK This also includes distributions from non-resident trusts UK-source income and gains remain taxable After the 4-year window, all global income and gains will be subject to UK taxation, including any remitted amounts. If a person temporarily leaves the UK during this time, they may still apply FIG for any remaining eligible tax years upon their return. Note: Time spent as a UK resident before 6 April 2025 also counts towards the 4-year limit. So, individuals who moved to the UK before the 2021/22 tax year may not qualify for FIG. Other Key Tax Changes for Non-Doms Inheritance Tax (IHT) Based on Residency A new residency-based IHT regime will be introduced from 6 April 2025. Trust Asset Taxation Trusts will be assessed for IHT based on the long-term residency of the settlor at the time of the taxable event – not just the date of trust creation. Transitional Provisions For current non-doms or individuals using the remittance basis: 1. Temporary Repatriation Facility Foreign income/gains earned before 6 April 2025 can be brought into the UK at a reduced tax rate of 12% during 2025/26 and 2026/27.From 2027/28 onwards, normal tax rates will apply. 2. Capital Gains Base Revaluation Assets held on 5 April 2017 may use that date's value as the cost basis for calculating capital gains if disposed of after 6 April 2025. 3. Long-Term Residency and IHT Anyone who has been UK resident for at least 10 out of the past 20 tax years will be considered deemed domiciled and subject to IHT on worldwide assets, even for 3–10 years after leaving the UK. Trust transfers made during deemed domicile status may also be liable for IHT.   Determining Your Domicile Status Under UK tax law, your domicile status (not just tax residency) determines your eligibility for special rules. What is Domicile? Domicile refers to the place where a person has their permanent home or intends to reside indefinitely. There are three types: Domicile of Origin – Usually based on the father’s domicile at birth Domicile of Dependency – Applies during legal dependency on parents Domicile of Choice – Acquired by moving permanently to a new country Self-Assessment: Are You a Non-Dom? Was your domicile of origin in the UK? Yes → You are likely UK domiciled No → You may be a non-dom Have you acquired a domicile of choice in the UK? E.g. long-term UK residency, British citizenship, owning UK property, and intention to remain Do you meet the 15-Year Rule? If you’ve been a UK resident for 15 of the past 20 tax years, you’re automatically deemed domiciled → All worldwide income/assets are taxable in the UK   Overseas Workday Relief (OWR) For individuals who: Are non-domiciled, and Have not been UK tax residents in the previous 3 years They may be eligible for Overseas Workday Relief (OWR). Under the FIG Regime: OWR will also apply for 4 years, aligning with the FIG rules. Foreign employment income not brought into the UK during this time is not taxable, and any withheld taxes abroad can potentially be reclaimed. Some Advice from TB Accountants If you become globally taxable from 6 April, it's crucial to review your investment strategy and financial planning. You may wish to: Shift towards assets with more favourable tax treatment (e.g. CGT over income tax) Evaluate compliance obligations, especially for FIG-eligible individuals who must declare tax-relieved amounts in their returns Ensure correct completion of tax returns to maximise allowances and avoid errors If you’re unsure whether these new tax rules apply to you, or if you're a UK resident or business seeking professional guidance, get in touch with our team for a free one-to-one consultation. For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .