David Sullivan, the chairman of West Ham United and one of Britain’s richest men, has criticized the Government’s tightening of non-domestic tax laws, accusing the changes of driving the country’s wealthiest out of the country.
Sullivan, the football club’s biggest shareholder, has slashed the asking price of his 21,000 sq ft London home by £10m to £65m, citing high interest rates and upcoming tax changes as major factors.
The property, in Marylebone, has been on the market since late 2023. Sullivan told Bloomberg: “What the government is doing in the private sector is not very good, and a lot of rich people are leaving the country because of it. about what they expect from the Budget. Three or four of my friends have already gone to Monaco or Dubai.”
At the age of 75, Sullivan is now faced with selling the mansion, which has luxury features such as a 12.7 meter swimming pool, hot tub, gym and sky lounge. The businessman, who is worth an estimated £1.1bn, spent around £75m buying and renovating the property, which has served as the backdrop for films such as The King’s Speech and Amy Winehouse’s music video Rehab.
The issue focuses on non-residents—UK residents who hold tax havens 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 expected to remove the non-state status in April 2025. These changes will limit newcomers to a grace period of four years before full taxation on worldwide income begins, while. non-existing areas will have a transition period of two years. The hack has raised concerns about a mass exodus of the wealthy from the UK.
Sullivan’s frustration reflects wider sentiment among the UK’s wealthiest, who are worried about potential benefits and inheritance tax rises in the upcoming Budget. Christian Angermayer, a cryptocurrency billionaire, recently moved to Switzerland, calling the government’s non-regional tax cuts a “big mistake”. Charlie Mullins, Britain’s richest plumber, has put his £12m London painting house up for sale as he prepares to flee the country.
Rachel Reeves, the Chancellor, is reportedly considering scrapping the proposed non-government reforms amid fears the measures may not generate the £2.7bn expected by 2028. Treasury officials are concerned that the tax changes could backfire, causing more wealthy people to leave. from the UK.
Sullivan, who made his fortune in the 1970s through the adult entertainment industry before moving on to local, football and media, owns West Ham United and is joint chairman of the club. His decision to drop the price of his mansion reflects the difficulties in London’s high-end property market. According to Knight Frank, only 10 properties worth more than £30m changed hands in the year to July, compared with 38 last year.
Jamie Young
Jamie is an on-air business reporter and Senior Business Correspondent, bringing over a decade of experience in UK SME business reporting. Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops to stay on top of emerging trends. When not reporting on the latest business developments, Jamie is passionate about mentoring journalists and budding entrepreneurs, sharing their wealth of knowledge to inspire the next generation of business leaders.