Unless the UK changes course, we risk entering a vicious cycle: the departure of high-net-worth individuals eroding the tax base, requiring further tax hikes to fill the gap, writes Stephen Kenny
Recently, I have joked that I have spoken to more people about leaving the UK in the last six months than in the previous ten years. Everyone working in private client tax has stories of clients fleeing the UK. This is supported by reports from Henley & Partners and New World Wealth, which indicate that over 10,000 millionaires left the UK in 2024 – a staggering 157% increase on the previous year. The prevailing sentiment was that the UK was no longer a viable long-term option. This was driven by a storm of tax hikes on businesses and wealth, as well as policy uncertainty. The non-dom...
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