Tax change prompts Goldman Sachs banker's UK exit

Goldman Sachs vice-chair Richard Gnodde is leaving the UK for Milan following the government's abolishment of the non-dom tax status. This move reflects the impact of the tax changes on high-net-worth individuals. Gnodde, a long-time London-based banker, previously held the top non-US role at Goldman Sachs. The non-dom rules allowed residents to avoid UK tax on foreign income, a system now scrapped by the government. The abolition of the non-dom system has prompted other wealthy individuals to leave the UK. Milan and Dubai are becoming popular destinations due to favorable tax policies.