The proposed California wealth tax and the UK perspective

California’s proposal to introduce a one-off wealth tax on billionaires has sparked renewed discussion about capital mobility and how jurisdictions compete to attract globally mobile wealth.

In the eprivateclient article “Proposed California wealth tax offers opportunity for UK”, Roger Gherson, Senior Partner at Gherson Solicitors, commented on the potential implications for the UK, noting that this would not only

“re-attract wealthy individuals to the UK but also help retain those who are threatening to leave the UK in pursuit of more favourable tax landscapes like Switzerland and Dubai.”

“Today’s ‘wealthy’ however – with their tech start-ups and entrepreneurial expectations – are far younger.”

“We have been given a fantastic opportunity to recruit wealth from afar but we must accept that the new proposed non-dom scheme must be ripped up and back to the drawing board we must go.”

Originally published in eprivateclient “Proposed California wealth tax offers opportunity for UK“.