Would you leave UK if Reeves starts taxing wealth

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Just that really. Wondering if anyone else considering it. DCs both at Uni in next year. We had thought of living abroad a few months each year anyway but now UK is getting worse and worse for tax. Not super wealthy but millionaires on paper and with various investments. Been to advisor and would have IHT bill of £1 mill + if we stayed which makes me so angry. Worked hard for so many years to provide for our family and feels too harsh.
Spoke to our eldest about this and she even said so many of her friends have parents who have moved abroad in last few years. We are lucky we have options for countries, feels hard but then a flight is actually fast than driving up and down to where DC are at Uni so makes me wonder.....

Feel so fed up the constant threats to those who have saved for future and not got into debt through spending on material things or holidays, tech etc etc....

Did you not feel like leaving under the last government when you found yourself paying the highest taxes in 70 years?

The tax burden is higher now with Labour so that needs to be updated.

How so? They have not made any changes to personal taxation yet.

Op knows that. We all do.

Taxes are higher - council tax, VAT for some, NI taxes on businesses, whatever Reeves taxes this time even though the last budget was a ‘one off’. Why that lie?

It was a £70bn combined borrowing and tax hike last time, what happened that it means they’ve stuffed up and now need more?

Right but the children haven't worked hard for it have they. Not that I think my mother - a teacher in the North who will leave me no taxable inheritance - worked less hard than anyone else in the country. My kids will inherit after IHT is paid but I didn't work harder than her either I got lucky, worked a fair amount, and more pertinently married into generational wealth meaning I was able to buy a house. Happy for that to be taxed when I die.

She didn't say that in her opening post. She said if one of them dies then that amount is due.

Try harder. Council tax is determined by local authorities which are run by many parties including Reform. Tax on businesses is not the personal taxation the OP is referring to. VAT hasn't gone up.

When one spouse leaves everything to the other spouse, how does deed of variation help the dc? Any examples?

Do what’s best for you and your family. You’ve clearly paid plenty into the system.

No, I'd be delighted. Including if it was some of my 'wealth'.

Everyone saying ‘I would be delighted’ you do realise it wouldn’t transform the country and would probably just have to go towards paying off our national debt, a dull but essential task?

I think it’s your party that should try harder, they’re not doing very well. And a few left on here pretending taxes haven’t gone up won’t help them.

Me too, gone at that point.

I'm also happy to pay my taxes, I want a society that helps others. I believe in public services.(after living in a country for a while, where we had to consider whether every illness and accident was ‘worth spending money on’ and whether we could afford to).

Norway has a mind blowingly huge sovereign wealth fund- they really don’t need to tax higher earners (or lower earners) more. No doubt if there wasn’t the sovereign wealth fund, they would raise more funds through the obvious source of higher earners.

That'll teach her, eh? You "hunkering down and spending no money" will really hit ..... Rachel Reeves where it hurts 😂

What happens if you are living in, say, Italy, and you die there but your kids are in the UK? Do they then not have to pay inheritance tax?
I think I would prefer my parents were around in my lifetime rather than protected wealth for me after they died. Unless they had other, not money-related reasons, for making the move.

That said, I would be tempted to leave here if Reform got in.

Norway has a wealth tax. And yes, some Norwegian billionaires emigrate to escape it.

Yes, and since it is essential, albeit it dull, I would be delighted if it was paid by taxing those who can most afford it (which, who knows, might include me) most easily.

Obviously I like having all my money. Obviously I'd rather have more money than less. Obviously I know higher taxes don't mean free cake for everyone. But still - tax should be taken first from those who can afford it the most easily.

Tbf she is having a bad time. Politically and looks under strain.

It's not "my party" and only employer NI has gone up. There has been a shit ton of negative misinformation about what the government are doing since day one put about by the right wing media and I'm sick of it.

Why do people get so annoyed about paying IHT when they've 'worked so hard to save a nest egg for their children' when they could help their children NOW and after 7 years there'd be no IHT to pay on the money? I'm planning to buy a house with my recent inheritance then work full time to save as much as possible for my kids and get them on the housing ladder while I'm still here to watch them have an easier life than I had! If I had the money to buy each of them a house outright right now, I'd do it.

The country is going bust. People are on their knees. A far right government could well be getting in. All other western countries are in the same position. Maybe it’s time to stop being so fucking selfish and accept extra taxation.

Quite.

Plenty of people work very hard all their lives and still would have nothing close to 1 million to leave behind, never mind enough to have a tax bill of 1 million. The disparity of wealth in this country is shocking. Do you really think you deserve all that wealth more than say a nurse who was born into a poor family and worked very hard in education and then spent their working years doing 12+ hour shifts with barely enough time to use the toilet? More investment is needed in public services and the money from that needs to come from those who are the most wealthy. Many of whom made their money on the exploitation of low paid staff.