"A survey of 200 multi-millionaires found that two-thirds had considered relocating over the past twelve months, with 42 percent citing inconsistent tax policies as the main reason."
"Britain has long taxed at rates comparable to or above those of its European neighbours, yet the ultra-rich have historically stayed put until recent policy reversals."
"Many of those considering departure would prefer to remain but feel unable to manage long-term wealth planning against such an unpredictable backdrop."
"The exodus began in earnest when Rachel Reeves abolished the non-domicile status, a tax regime that had made Britain attractive to wealthy individuals."
A survey revealed that two-thirds of Britain's ultra-wealthy individuals have contemplated relocating, primarily due to inconsistent tax policies. While high tax rates are a concern, 42% cited unpredictable fiscal frameworks as the main reason for their deliberations. The trend of wealthy individuals leaving intensified after policy reversals under Labour, particularly regarding inheritance and capital gains tax. High-profile departures include hedge fund manager Michael Platt and shipping magnate John Fredriksen, indicating a significant shift in the ultra-rich's willingness to remain in Britain.
Read at Business Matters
Unable to calculate read time
Collection
[
|
...
]