Britain Tries to Fix Its Frayed Relations With World’s Rich (3)

Tech billionaires, the owners of Premier League football teams and heirs to some of Europe’s oldest fortunes all recently left the UK because of higher taxes. Now, Britain’s finance minister is quietly trying to put a halt to the wealth and brain drain.

UK Chancellor of the Exchequer Rachel Reeves’ budget on Wednesday sought to curb the most controversial part of scrapping preferential tax treatment for wealthy residents hailing from overseas, known as non-domiciled individuals, who range from bankers to multi-billionaires.

The UK announced a limit on how much inheritance tax former non-doms could face locally on their global ...