Ferrari cuts car numbers to UK after non-dom tax status axed

Ferrari has cut the number of cars it sells in the UK, claiming that wealthy individuals are relocating overseas after tax changes.

- Mark Sweney

The Italian luxury carmaker reportedly began limiting the number of vehicles it exported to the UK about six months ago, in a bid to stop a decline in their residual value.

Benedetto Vigna, the chief executive of the carmaker, said Ferrari had seen a “stabilisation” in sales after that decision.

“Some people are getting out of that country for tax reasons,” he told the Financial Times, adding that taxes were not the only reason for the fall in residual values. “There are many different factors. Maybe when you sell to the UK, that car cannot be sold somewhere else [because of its right-hand wheel]”.