Millionaires leaving UK- are you concerned?

If we as a couple sold all our assets, we would have significantly more than a million. But we like it in the UK. We also like the seasons and the changing weather. I went to Dubai once on business. I can't imagine ever living there.

Where are you thinking of moving?

Problem is we've been paying what feels like high levels of tax for years, and getting nothing for it. We now need to keep paying higher tax, but need to have faith it's going in the right direction. I do have some faith in this government, but think they'll be too short lived due to the media corruption and bullsh*ttery meaning it's not reported correctly what is actually happening.

The nordic countries are often cited as being the healthiest and happiest, and we are a LONG way from their tax levels.

The millionaires leaving are in a lot of cases at retirement age... and this isn't uncommon. The media will have you believe it's all the dynamic entrepeunerial youngsters who are itching to make the country a better place, but can't because of the stifling government, and it's not really the case. It's older people liquidising their assets and disappearing to warmer climates where they can protect their wealth, and ignore the country that has looked after them in their less successful years..

Brexit has had a much bigger impact on emigration than the recent change in government.

We do need some massive changes in this country to encourage business growth, but we do also need to raise wages and get the economy moving again, and get people healthier which will then result in a more productive nation. Here's hoping...

It wouldn’t have worked in recent years in 99% of cases - I haven’t had a single client (of hundreds) leave and be able to avoid inheritance tax. But now they’ve got rid of the concept of domicile, it’s now much easier to leave the UK inheritance tax net, you just have to leave the UK and survive 11 years, and don’t move back here permanently.

So for many before the Autumn Budget it wasn’t worth leaving the UK, but now is provided they can commit to spending the majority of the rest of their life overseas.

It is extremely concerning. Only a very small percentage of the population are net contributors (they pay more in tax than they cost). The majority of people are net beneficiaries (they cost the country more than they pay in). If there are too few contributors, the welfare state will fall over.

The second concern is that these people are wealth and employment creators. They are leaving the country and taking their jobs with them.

Agree a lot only stay because of family.
Id hate to move away from my sons, ( two of whom are at Uni ) but I think it’s worth looking at.

although two of them have said they intend to leave anyway and the other one may well struggle to practice here anyway so if they all go then……🧳 the worlds our oyster.

Reduced tax revenue from this group multiplies up to a fair amount of revenue that you don’t want to lose. The numbers may seem low, but the lost tax revenue will be higher.

Of course people here are not concerned. They are happy to begin the process to become all equally poor. It is so shortsighted and stupid.

@Cookiesandcandies i think the inheritance tax issue is an interesting one.

I know of a few families who have moved abroad in recent years for IHT reasons.

My job involves advising millionaires (and billionaires leaving the UK. Anecdotally, many who were not domiciled here (so originally from elsewhere) are leaving, some have abandoned plans to move here on the back of the tax changes that have been announced.

So, so many are also looking to move long term now that moving out of the UK will save them inheritance tax. Even those that are asset rich pay lots of tax in capital gains tax and income tax (not many own assets that don’t generate an income at all). It’s not as bad as when a Corbyn government was looming as that felt like a mass exodus, but there is definitely a steady stream of entrepreneurs and generationally wealthy people wanting to leave and actually leaving.

Hopefully all Russian oligarchs.

lol, I don't think a lot of mumsnetters can get their heads round that fact, given the number of posts you see here that say pensioners don't pay tax.

Only a tiny % of the UK population pay in more than they take out in a lifetime and those people are in the highest tax brackets. So it’s safe to say most have.

Plus they will have been spending their money here too….

DH and I are both high earners.
We are seriously considering our futures here, our children are in 6th form, so come September, there’s not really any compelling reason to stay. I think the children would have better opportunities elsewhere too, and somewhere thats not so bloody cold and wet all the time too!

Plus the tax on private schools has made other countries private education systems more attractive.

Cash assets of £1.1m, property of c. £500K, reasonable paid job, higher rate 40% tax payer. Retiring this summer and then leaving the UK. No incentive to stay here any longer.

The chances are they paid very little tax in the UK and are no loss to us at all. Trickle down economics doesn't work.

83k non doms in the UK.

This study referred to dollar millionaires, which tbh can be a pretty average older middle class couple living in the South East.

I'm not leaving.
I do have a villa in The Canaries.. but l don't want to live there full time.
I love my family too much.

I note people don’t seem to grasp how wide a net taxes are. It’s not just income tax and capital gains.

Express even 🤦‍♀️

Yeah it's been at least a week since the stress predicted the next ice ace 😉😂

My first thought was how many of those were non doms leaving before they got taxed here.