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....

Yes exactly, the burden gets pushed further down as the upper level opts out.

@tomorrowtoblerone , actually to be technically precise, nearly a third of children live in RELATIVE poverty. Which is defined as being in families with less than 60% of the median (or average -- not quite certain) household income. So low income, definitely, but not absolute poverty in the sense that people were poor as recently as the mid-20th century. Relative poverty is a confection of the poverty lobby.

I'm sure that's a consolation to them then. I think there are about 4 million children in absolute poverty currently in the UK? shameful.

Just go. Go to any of these wonderful countries which will have you will open arms. The British are, as we know, universally beloved wherever they go, so the red carpet will be rolled out.
I wish you and all your kind, who probably did quite well out of the Tory austerity years, would leave like you keep threatening to. And then all your jobs and houses and school and GP registrations, could go to people who want to live here and contribute to their communities. It's very very simple.

Absolute poverty is defined as having a household income below 60% of the 2010/11 median household income, adjusted for inflation. That's £18,100 annually after housing costs. At that income level, they also won't be paying council tax, and will get all the low income hand outs. No childcare costs, since that income is below one person on full-time NMW.

Really not that bad for a family without anyone working,

Tell me you don’t have a single clue etc etc

I think this is misleading as IHT doesn't just apply to money given in death but money given in life too. If you want to give someone a lot of money then you would have to live over 7 years for this not be deemed part of your estate and subject to IHT. Nobody knows when they will die.

You always hear how lottery winners or rock stars want to buy their mum a house. They can of course but if their child happens to die in 7 years time then they might get a massive tax bill.

Leaving your children a massive IHT bill isn’t something most people want to do.

We for example, would have to sell the family business to afford the tax bill. And that’s not reasonable

i’d leave now if i could - she is the devil

Do you really need to hoard millions of pounds to pass to your children on your death, can’t they work and pay their own way? Aren’t you ashamed of moving to another country as an economic migrant?

Do you think this kind of comment works? Do you think people will change their minds by shaming them?

I’m only interested in helping my own kids, no one else’s. And if I didn’t have any kids, I’d rather flush my money down the toilet, than give it to Labour to spaff up against the wall.

Just pointing out the irony tbh

Pensions do not currently fall within a deceased estate, this will change from 2027.

i know people have views on places like Dubai and I can understand why. But for me it’s not an aversion to paying tax but finding somewhere I feel like I have a great lifestyle and get a fair return for those taxes. Australia’s tax bands are roughly the same as the UK, housing is expensive, people grumble about immigration (and I’m an immigrant here) just the same as in the UK. But public services are great, the streets are clean, my council is currently building tidal pools and upgrading bbq shelters and creating fancy new play parks. Schools where I live are good, there’s a new public ferry route which takes me right to my office. Undoubtedly I live in a great area (which I couldn’t afford to do in London on almost double my salary there). I don’t mind paying my (high) taxes here because it’s a lovely place to live.

oh and there’s no IHT in Australia.

so it’s not a binary choice where higher earners in uk can only choose to move to questionable countries built on modern day slavery.

I am on the verge of the awful 100k mark and just below it because I work part time now (Fridays off although invariably I end up working) - I also work loooonnnnggg hours Monday- Thursday…… we have decided that if I end up massively penalised I will give up work.

Definitely leave if you can, I would too. The tax loving people on this thread will be happy enough to pay more to fill in the gap (right?) Or the new immigrants will do more than enough to make up for it (when in actual fact studies have proven they are a net drain on welfare). Look out for yourself because no one else will.

Yeah I’m not into drug dealers or chicken boxes blowing around in the wind, broken appliances in the front garden etc. but you do you lovey.

This. You seriously need good (better) taxation advice.

You can voluntarily pay more tax if you wish. Perhaps the tax lovers who think a fair tax is a tax someone else has to pay could set up a voluntary direct debit to HMRC?

The country is economically in the shit, because of Brexit, COVID, the Ukraine war and some pretty poor financial management by the Conservatives for 13 years and, more recently, by Labour for 15 months.

The rich people say 'this is shit, I'm off' (despite the fact that the rich have been getting richer during these years of financial hardship), leaving the poor people do dig themselves out of the mess that other people's decisions have left them in

Twas ever thus

I think many of us dont have a huge issue in paying more tax if only it was spent properly.

The NHS is a disgrace, the elderly people are getting older and older and we pat ourselves on the back even though quality of life is often not taken into account (both parents had everything thrown at them) and literally wheeled back to the care home.

We’re taxed at high amount already. We don’t need more taxes, the last budget was a one off for rises.

With Labour and the useless way they run finances it most certainly isnt the last time for tax rises. Of course if it doesnt affect you who cares. Tax the billionaires, Amazon - they wont mind. Oh wait the billionaires have gone they are highly mobile and Amazon just put any extra taxes onto you.

Then the tax bands get lower and lower and they might even reach you. Of course if you are confident they never will you are then not a net contributor and others have to fund you.

In fact this was on another thread. The last budget showed this was a lie too.

“Our manifesto is fully costed and fully funded and requires no further tax increases.”

Says it all...