Three in ten high-net-worth individuals are considering leaving Britain amid declining confidence in the economy and the prospect of further tax rises, according to new research.
Analysis by Saltus, a wealth management company, found that 8 per cent of high-net-worth individuals were actively exploring a permanent exit from the UK, while a further 22 per cent said they may consider it amid speculation of tax rises in the autumn budget.
Wealthy individuals have been increasingly shifting their tax residency abroad after a number of changes introduced by the Labour government, including taxing the global income of foreigners who live in the UK but have a permanent address elsewhere. The government has also scrapped inheritance tax breaks for overseas trusts.
https://www.thetimes.com/article/67b294fc-79ce-4793-8c2f-db99ce87eccf?shareToken=238748610bae4063a9a977f5e31fc901