Ferrari has reduced the number of cars it sells in the UK to stem declining residual values of its luxury vehicles, prompted by the departure of wealthy individuals after tax changes and the abolition of non-dom status.
“Some people are getting out of that country for tax reasons,” chief executive Benedetto Vigna said in an interview with the Financial Times. “What I can tell you is that we see a stabilisation over there” after the company reduced allocations of its vehicles to the UK, he added.
The move by Ferrari underscores the widespread impact caused by the UK government’s decision to abolish favourable tax treatment for non-domiciled residents and raise other duties on the wealthy.
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