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Where will the rich people and the businesses go?

(12 Posts)
ojalele Wed 17-May-17 14:53:21

I have read on several threads that if taxes on the wealthy and on business are raised, then those people and their business will leave the UK.

So where will they go? I believe that the UK has relatively low taxation rates (compared to mainland Europe at least).

And if the UK has a relatively low tax rate, why are rich people from across Europe not all living in the UK? Could it be that people generally prefer to stay where they are and will put up with paying more taxes? And if so, isn't it a good thing to fund public services that are clearly struggling?

TheNaze73 Wed 17-May-17 18:06:07

USA, Switzerland, Middle East.

ssd Wed 17-May-17 18:08:44

They won't go anywhere, they have good accountants.

Don't listen to this nonsense.

AnnasBella Wed 17-May-17 18:11:47

They won't go anywhere.

It's just throwing toys out of the pram. We've been squeezed beyond belief for the last 5 years, it's someone else's turn

Kursk Wed 17-May-17 18:19:50

USA, Trump would probably welcome businesses if they will employ Americans.

Either that or register the business in Isle of Man, or some other tax haven.

I half expect the EU to offer tax brakes to businesses that move to the EU as part of thr Brexit deal.

From watching a lot of threads on MN over the past couple of weeks. It seems clear that the poor are fed up, the rich are fed up and services are crumbling due to a excessive population and massive government waste.

ssd Wed 17-May-17 18:31:55

why are the rich fed up confused

Kursk Wed 17-May-17 18:36:55

From whatIhave seen, poor are fed up with getting kicked about, rich are fed up with being blamed for there success/ wealth etc.

In reality it's the government that is failing everyone

cejay Wed 17-May-17 21:26:47

Businesses come here because we have a healthy workforce due to free healthcare, we are relatively safe due to paying for police and we have a literate workforce and infrastructure. The more the Tories destroy this infrastructure, the less productive we become and businesses will leave anyway. Also, small businesses will benefit from having fair competition if we tax multinational properly.

amicissimma Thu 18-May-17 15:52:34

I've met some uber-wealthy people over the years and heard about some from other people who know them. They tend to have homes in various countries. They consider the best education is British public (private) schools, but because they move around a lot, their children tend to board. If they are UK tax payers it is because they have chosen to be. In order to 'move' as individuals they simply have to ensure they spend fewer than 90 nights per year in the UK. In general they probably spend quite a lot of time out of the UK, so this is a minor adjustment.

What I have learned from them is that UK nationals tend to prefer to pay tax and support the UK, even if that disadvantages them slightly, but they all have a point at which they regard the rate as too high and switch to another country.

I understand that the UK is a good place to do/base business because we have a good, stable, centuries-old and impartial legal system and a reliable financial system. Again, if the tax price rises too high, they will look elsewhere and simply move their HQ to a branch elsewhere and put up with a legal/financial system that requires more effort. As to where they go, it depends on where they also have interests/ties: familial or business.

For the very rich, who contribute the most financially, moving is a relatively small administrative matter, nothing like the upheaval it would be for most of us.

amicissimma Thu 18-May-17 15:57:07

"And if the UK has a relatively low tax rate, why are rich people from across Europe not all living in the UK? "

Apparently London is the sixth-largest French city (in terms of population). The Lycee has recently had to open a new site to accommodate the increased number of students.

ApricotExpat Thu 18-May-17 16:07:01

Switzerland, Lux, Dublin, Frankfurt and Paris - if they want to stay in Europe.
Otherwise Singapore, Hong Kong, BVI, Middle East etc.

LightYears Thu 18-May-17 17:09:04

Maybe they could start a new colony on Mars.

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