Overview

• Shipping magnate John Fredriksen has shuttered his London Seatankers Management office and now runs his empire from the United Arab Emirates.
• Labour’s April abolition of the non-dom status removed tax relief on overseas income and stripped inheritance-tax exemptions from foreign-held trusts.
• Advisers at Henley & Partners forecast the UK will lose about 16,500 high-net-worth individuals this year, more than any other country.
• The latest Sunday Times Rich List shows the UK’s billionaire count fell from 165 to 156, the steepest decline in its 37-year history.
• Other prominent expatriates, including Helene Odfjell and Peter T. Smedvig, have also relocated abroad in response to the tax reforms.