Tax breaks aren’t the reason I live here. Many wealthy people like me want to pay our fair share, and contribute to investment in the UK
The recent decision to abolish the non-dom status, which allows a small group of very rich UK residents to earn money abroad without paying tax on it in Britain, has sparked numerous conversations about whether this will force people to leave the country. As a millionaire living in the UK who has benefited from the non-dom status, I feel differently. Having a tax break is not the reason I live here, and having to pay my share in taxes does not make me want to leave. On the contrary, it represents a promise of more investment, and a better country. I’d like to think there are plenty of non-doms in the UK who will happily pay the tax that is expected of them, and who won’t be going anywhere.
After all, living somewhere is about so much more than the taxes you pay. There are so many benefits from living in this country. I’ve built a strong foundation for my family, with my friends, and I feel welcomed everywhere I go. I enjoy a wonderful lifestyle, access to superb culture, and I get to meet incredible people from all over the world. I particularly appreciate having access to the most forward-thinking professionals in impact investing and strategic philanthropy. My family benefits from a full life, access to healthcare that’s free at the point of use, great public transport (in London at least!) and so much more. Paying more in tax for all this is not something that concerns me – nor does it concern the wealthy people I know.
Gio Notarbartolo is an impact investor, entrepreneur and member of Patriotic Millionaires
