David Sullivan, chairman of West Ham United and one of Britain’s wealthiest individuals, has criticised the Government’s tightening of non-dom tax rules, blaming the changes for driving the super-rich out of the country.
Sullivan, who is the football club’s largest shareholder, has cut the asking price of his 21,000 sq ft London mansion by £10m to £65m, citing high interest rates and upcoming tax reforms as major factors.
The property, located in Marylebone, has been on the market since late 2023. Sullivan told Bloomberg: “What the Government is doing to the non-doms isn’t very nice, and a lot of rich people are leaving the country as a result of what they anticipate in the Budget. Three or four of my friends have already gone to Monaco or Dubai.”
At 75 years old, Sullivan now faces selling the mansion, which boasts luxurious features like a 12.7 metre swimming pool, hot tub, gym, and a sky lounge, at a loss. The businessman, worth an estimated £1.1bn, spent around £75m buying and renovating the property, which has served as the backdrop for films like The King’s Speech and Amy Winehouse’s Rehab music video.
The issue centres around non-doms—UK residents who hold tax domiciles elsewhere—who currently benefit from not paying local taxes on overseas earnings for up to 15 years. The government, however, under plans announced by former chancellor Jeremy Hunt, is set to phase out non-dom status by April 2025. The reforms would limit new arrivals to a four-year grace period before full taxation on global earnings kicks in, while existing non-doms would have a two-year transition period. The crackdown has raised concerns of a significant exodus of the wealthy from the UK.
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