Many British professionals and entrepreneurs are contemplating leaving the UK due to Labour's tax policies, which are perceived as a "stealth tax bombshell." The forecasted increase in tax brackets, driven by inflationary wage growth, is pushing individuals to seek alternatives abroad. deVere Group notes a 36% increase in consultations for relocation, with many opting for countries like Italy and Portugal that offer favorable tax regimes. This trend indicates a shift toward mobility, as more middle-income earners consider international options to minimize their tax liabilities.
A skilled Londoner earning 50% above the median salary now faces £2,700 more in annual income tax than two years ago - a rise of nearly 25%.
Relocation is no longer the preserve of the ultra-wealthy. Remote working, global hiring and dual citizenship have significantly lowered the barriers.
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