Technology entrepreneur Herman Narula has said he intends to relocate to Dubai before the anticipated introduction of a UK “exit tax” on the wealthy.
Mr Narula, Britain’s richest self-made millionaire under 40, said he had made the decision because of the government’s “anti-entrepreneur” policies that would drive new companies abroad. He would join a growing list of people moving to Dubai after becoming disillusioned with life in Britain.
The chief executive of technology company Improbable, 37, told The Telegraph it was “bonkers” that new taxes should target “great British start-ups”.
There has been speculation that Chancellor Rachel Reeves is planning to introduce a capital gains tax which would apply when a wealthy person leaves the UK to live in a different country.
Her intention would be to deter high net worth individuals from taking their money elsewhere to avoid paying UK taxes.
Hundreds of business owners and investors have signed an open letter organised by campaign group Startup Coalition calling on Ms Reeves to refrain from introducing the “settling up charge”.
“A potential exit tax would not only tell founders that their ideas and innovations aren’t welcome, but that they should either get out early or not come at all,” the letter said.
Mr Narula, who is worth £700 million ($918 million), said he did not “particularly” wish to leave the UK, but might have wanted to one day. He was acting now, because he didn’t want to be “banned from that option”, he said.
He described an exit tax as “irresponsible” and warned it was forcing people to leave. Concerns have been raised that it could also deter entrepreneurs from setting up companies in the UK.
Mr Narula, who was born in India but became a British citizen after studying at Cambridge University, said speculation over what Ms Reeves would do meant it was “too unstable and too risky” to remain in the UK. He learnt to code aged 12 and established Improbable aged 29.
The company describes itself as a “venture builder” working in AI, Web3 and the metaverse to “create and grow businesses that define the future”. It has developed products in AI and cryptocurrency, defence and gaming. It was valued at $3.4 billion in 2022, with Mr Narula’s stake just under a third of the business.
“The impression I am left with is that the country doesn’t want immigrants, especially not ones that start companies,” he said.
Dubai has become a preferred destination for many British workers and entrepreneurs unhappy at the charges that have been introduced since the Labour government came to power in July last year.
A record 691 millionaires left the UK in April after tax reforms took effect, a 79 per cent increase on last year, with Dubai, Italy and Greece popular destinations. New World Wealth, a consultancy group, found that London had lost 11,300 millionaires in the last year, a higher proportion than anywhere else bar Moscow.
Many are now heading to the UAE, with the emirates experiencing a net inflow of 9,800 millionaires from around the world in the past year. A large chunk of those are Britons disenchanted with Labour’s decision to axe “non-dom” status.
Last month, FinTech magnate Nik Storonsky of the bank Revolut revealed he had joined the departures from the UK to the UAE.
Other prominent leavers reportedly included Nassef Sawiris, the Egyptian tycoon; Shravin Mittal, the Indian businessman; John Fredriksen, the Norwegian-Cypriot shipping magnate; Richard Gnodde, the South African-born vice president of Goldman Sachs, and former footballer Rio Ferdinand.
Polling by think tank Adam Smith Institute found 28 per cent of British people aged between 18 and 30 year olds were considering emigrating.
As well as the abolition of the non-dom status, which allowed UK-based people to claim their permanent home was abroad to avoid paying tax on foreign income, Ms Reeves has not ruled out breaking manifesto promises not to raise income tax, national insurance or VAT.
She has warned of “tough choices” due to the “difficult economic backdrop” as she tries to boost the sluggish economy, which has stymied the government’s attempts to reduce taxes for the lowest earners. Changes to stamp duty, council tax and tax-free ISA savings limits have also been mooted.
The government has said it is not currently considering a wealth tax – an annual charge for those with assets exceeding a certain threshold.
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The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
Cracks in the Wall
Ben White, Pluto Press
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
UAE currency: the story behind the money in your pockets
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
COMPANY%20PROFILE
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Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
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T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
