country. But some 60% of millionaires
living in Britain believe that life
would be better abroad according to a
survey of a thousand of the nation's
wealthiest. It found that 53% would be
more likely to leave if Rachel Reeves,
the chancellor, pressed the head with a
wealth tax. Uh the migration consultancy
Art and Capital, which commissioned the
study, said it showed that Britain was
at a tipping point. Dr. Anne Kaplan Mull
Holland is a Canadian Castleon non-dom
self-made multi-millionaire and joins me
live. I think and from what I can see
behind you presumably from your castle
in Kent. Very good morning to you.
>> Good morning. It isn't my castle in
Kent. Yes.
>> Beautiful scenes. Um now we have spoken
many times before about this issue. Uh
you have I think set yourself up to move
to Milan. Is that right?
>> We're moving to Italy and we have fairly
much completed our application process
and all of the the due diligence that
goes with it. So we're in a very serious
uh we're moving. When when do you move?
>> We have to move by April 5th because
then our day count starts and our day
count ends. So we have that'll be our
four years in the UK.
>> Right. So that is the point at which you
are upping sticks and leaving. Um yes.
>> Why have you decided to do that?
>> Because we're being taxed according to
Rachel Reeves on our worldwide income.
We have multiple businesses worldwide.
We have a um properties worldwide and we
will be taxed on that. We also have the
inheritance tax which doesn't make any
sense for us. We're very happy to stay
here. We do not want to go. But it
doesn't make any sense to be paying tax
in England, setting up the
infrastructure we have, investing
millions and millions of pounds in
England, and then be taxed on worldwide
income that we're already paying tax on.
Why would anyone stay and be double
taxed?
>> Um, this is the the nondom regime that
>> this is a non-dom regime because we're
non-domicile residents of the UK. Um,
talk to me about the inheritance tax bit
as well. So, what is it about the
inheritance tax changes that you say
mean that you're going to leave the
country?
>> Well, we would be taxed on worldwide um
assets and they would not be protect
protected by trusts. And so, when you're
people like us that have built
companies, legitimate companies
worldwide and then we do have trusts
that protect some of our assets for our
children. That's how we've built up our
structure. This is not a tax dodging
scheme. It's just how we built our our
structures for our six children. That
those would not be protected. They would
be taxed with inheritance tax by the UK
because we're residents.
>> There would be there are a lot of people
listening to this now almost certainly
screaming at their radio saying, "Well,
if you really like this country so much,
you would do your bit to pay a bit more
in the transfer of your wealth to your
children for which they have done
nothing uh other than the great luck of
being your child." um to help with the
NHS, the roads, the schools that that
people will use.
>> Well, we're we're not talking about the
UK assets. We're talking about the
worldwide assets. Why would anyone stay
in a country when you're going to be
taxed in that country? We can very
easily leave, move to Italy, and then
we're not subject to tax worldwide. It's
not a it's a business decision. It
doesn't make any sense to do that. And
now we're going to be paying tax on our
investments in Italy. will be paying tax
on any income we make in Italy and we're
paying 200,000 per year to stay in
Italy. Now, if we were told stay here in
the UK, pay the 200,000 here, that would
make more sense. Plus, if we were asked
to invest in the UK, which we do, so
we're investing about £25 million in the
UK and we're taxed on that. Plus, our
100 employees are taxed on that. So why
would we make a bad business decision
when we're already investing in the UK
who are already paying tax in here and
it's very easy for us to just pack up
and go and not have to do that and
that's what all the other non-dom
doicile millionaires and billionaires
are doing because it doesn't make any
sense.
>> Very good to talk to you. Thanks for
coming on and Captain M Holland Canadian
castle owning nondom self-made
multi-millionaire speaking to us from
her castle in Kent. Here's Gavin Tom.
I'm not a millionaire. I'm not even a
10,000er and I and even I know I would
be better to live abroad. The only
difference is I don't have a choice to
go there.