Nick Millican Discusses the Non-Dom Issue

London Estate Agents Concerned by News from Chancellor

With Jeremy Hunt claiming that he may change tax regulations for non-domiciled people, the entire real estate market in the UK is abuzz. According to real estate expert Nick Millican, it is possible for “nom-doms,” as they are called, to live and work in the United Kingdom.

All they are required to do is pay taxes on the earnings they make in the UK. A nom-dom maintains a different country as their official residence, using that nation for their tax reasons. And this is when real estate agents such as Nick Millican come in. 

Now, it would seem that lawmakers may be doing away with this status quo, the real estate expert later informs. (Greycoat). 

Real Estate Experts on Edge

Perhaps unsurprisingly, there are many who have a vested interest in the London real estate market; Nick Millican is one of these individuals, but he is far from the only one. Most of these estate experts are concerned that new non-dom policies may discourage high earners from making London their home base. 

This, in turn, could halt an influx of wealth that the country has come to depend on, Nick Millican adds. There are also many who speculate that wealthy nom-doms would choose to simply relocate to another country if the UK government’s policies on this matter change.