Labour voters….

Why don't you blame them, they are not exactly victims are they unless one can be a victim of a money addiction. It isn't very progressive is it, the tiny few have excessive amounts, will continue to do so, whilst at the other end it is Dickensian style living! Why do we want a Mumbai like scenario, I'd rather have what my family have in Denmark in terms of welfare system and progressive tax.

No. I don't have any ideological objection to people who pay hefty amounts of tax in this country. I'm not a fool.

Unfortunately because RR has given taxation of trusts retrospective effect the non doms are off. Apparently income tax will rise in due course by 2p in the £ to fill the gap they leave. Great.

Oh you mean the ones where multi millions, billions is never enough!

It will become clear eventually through HMRC.

But that also depends on who carries out the research, is it objective with no vested interests.

We won't know as you say so I'm not going to stress about it. Who knows what the global economy will look like then!

I did originally type out "if you don't have family here" but them thought that was obvious. I mainly mean the non doms. The big tax payers who will have a disproportionate impact if they leave. Apparently significant capital flight is very real. And I don't blame them.

We won't know for a few years as to how many have left and the impact on the rest of us re taxation.

I don't know, family, culture, familiarity because you are a British citizen...that said, I have Danish family so I don't think the wealthy in the UK pay much Tax in comparison.

I can think of all sorts of reasons, presumably the fact 99.5% are still here then they can to?

Because hopefully with all these trade deals it may get better, that is if Trump does not fuck up the whole of the world’s economy and cause a global sovereign debt crisis.

Why would you stay in Starmers Britain if you could leave?

@GlobeTrotter2000 where are you going to?

Last year alone, London lost 11,300 dollar millionaires (only surpassed by Moscow)

Which is less than 0.5%? I just don't think it's a huge deal.

The top 1% pay 30% of all tax. If one leaves, we need 1,300 average tax payers to fill the hole.

It depends on who leaves tbh as while they do pay a lot of tax, the burden isn't the same for all millionaires.

@Jackrussellsaremad

I think the issue is the proportion of people who contribute the most tax is decreasing rapidly.
Last year alone, London lost 11,300 dollar millionaires (only surpassed by Moscow)

This time next year, there will be one more - myself.

Paying tax is not my issue, but it’s what the government chooses to spend it on. Silly projects like HS2. Billions on track and trace app.

5 billion per year for asylum and hotels for people arriving from outside the UK whilst there are UK citizens on the streets.

I think the issue is the proportion of people who contribute the most tax is decreasing rapidly.

Last year alone, London lost 11,300 dollar millionaires (only surpassed by Moscow)

The top 1% pay 30% of all tax

The top 0.01% (4000 people) pay 6% of all tax (£17.billion/year or £4 million each)

If one leaves, we need 1,300 average tax payers to fill the hole.

The main reason is the retrospective nature of RRs trust reforms. This affects non doms who are fleeing as the UK is seen as anti wealth. RR assumed these reforms would raise money. In fact, it is likely to cost us billions and those tax payers are unlikely go come back.

Well done Labour. Idealogical fiddling while Rome burns (although it doesn't, because all the millionaires are relocating there!)

So Starmer gave a certain “infamous” speech but a week later he enters into a deal with the EU?

I agree. The chairman of the migration advisory committee has estimated that Labour's plans would result in a cut of 60,000 to 70,000 net migration per year - on top of measures introduced by Sunak's government. We also know that the EU have previously asked for 70,000 youth mobility visas per year.
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Social care visas were discussed on Question Time last week. Labour's Peter Kyle (when challenged by Sonia Sodha) was talking about up-skilling and valuing care work, raising aspirations and telling Sonia Sodha how much better it would be for her disabled friend to have continuity of care from UK workers rather than a constant churn of foreign workers - but it could be that the government are planning to fill social care vacancies with an EU youth mobility scheme.

We are still no 3 for the number of millionaires after the US & China

And getting smaller thanks to Labour and the millionaire exodus.

I have been saving for dcs uni since birth as I don't want them to have that debt

i have older colleagues who have maxed their public sector pension pots but still chose to work. Maybe it's good to free up the jobs?

It is a bit like Plan 5 student loan repayable over 40 years, into significant interest rates from Day 1. It is no longer just the well earning students who will pay it back, it captures most students now and so the backlash against going to uni and the demands for value for money have started. And the whole sector is in turmoil. These things take some time to sink in.

It’s hardly going to have much effect on productivity, the numbers will be relatively small. Funny how 40% on a SIPP is too much on the way out but absolutely fine on the way in.

It stifles productivity though if people stop working due to the tax system. When they would otherwise have worked for longer. 40% is too much on a SIPP. People are only just waking up to this significant change and some will be altering their behaviour.

I don’t actually have an issue with retiring early and spending the money. That is, after all, what it’s supposed to be for.