Rachel Reeves considers 20% tax on assets of people deciding to leave UK

"Rich people quitting the UK could be required to pay a 20% tax on their business assets as part of plans reportedly being considered by the chancellor, Rachel Reeves. The Treasury has drawn up plans for a settling-up charge on assets; a move that would bring the UK into line with most other G7 nations and raise a predicted 2bn for the public coffers, according to the Times."

"The idea would be that if someone decides to leave the country and relocate to a low-tax jurisdiction they would have to pay tax on any asset gains', like shareholdings, that remained in the UK. This would be different from the situation at the moment where, if someone relocates to somewhere like Dubai, for example, they can sell off their UK assets after they have left the country and not be liable for any UK capital gains tax."

Treasury plans would impose a 20% settling-up charge on business assets held by individuals when they leave the UK, targeting gains on assets such as company shares that currently escape capital gains tax for expatriates. The measure aims to align the UK with most other G7 countries and is modelled to raise about £2bn. The charge would be based on the asset value at exit and could be deferred for several years if owners do not liquidate immediately. Policymakers warn there is a risk of capital flight if the measure is announced without immediate implementation.

Read at www.theguardian.com