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A senior Goldman Sachs banker is leaving the UK after the federal government abolished the beneficial tax guidelines for non-domiciled residents.
Richard Gnodde, vice-chair of the funding financial institution, is shifting to Milan, based on individuals acquainted with the scenario.
South Africa-born Gnodde joined Goldman Sachs in London in 1987. He rose to turn out to be chief government of Goldman Sachs Worldwide, the corporate’s most senior non-US position, which he relinquished earlier this 12 months to turn out to be vice-chair on the financial institution.
Gnodde’s exit from the UK highlights the fallout from the change of guidelines.
Rich people, akin to metal billionaire Lakshmi Mittal and industrialist Nassef Sawiris, have both left the nation or are planning to due to the abolition of guidelines that allowed UK residents who declared their everlasting residence as abroad to keep away from paying UK tax on overseas revenue and beneficial properties.
Goldman mentioned: “Given his new position, Richard can be primarily targeted on progress alternatives for the agency throughout Europe. He’ll proceed to spend time with our crew within the London workplace.”
The information was first reported by Metropolis AM.
In her October Price range, chancellor Rachel Reeves confirmed the abolition of the non-dom system as of April 6. It had been proposed by her predecessor Jeremy Hunt.
Locations akin to Milan and Dubai have proved enticing for former non-doms. Italy presents a flat-tax yearly cost of €200,000 on abroad revenue for brand new residents.
Gnodde has been a philanthropic supporter of UK organisations such because the Royal Botanic Gardens, Cambridge college and Alzheimer’s Analysis UK. Non-dom philanthropists had warned that the abolition of the system would result in donors leaving the UK.
