Millionaires leaving UK- are you concerned?

[anonhop]

Read today that 10,800 millionaires left the UK in 2024 which is equivalent in tax take for the government to half a million average tax payers. I don't think that factors in their reduced reliance on public services either.

Do you think this is concerning in terms of investment & spending in our economy?

I understand the moral arguments for the wealthy paying more tax but if so many are leaving, will it practically leave us worse off?

Curious to see what people think

Personally, after all Gordon Brown's foul ups with "unforeseen" entirely foreseeable consequences, I just don't think they can anticipate the knock on effects - they don't seem to think. It was Brown's Paymaster General, Dawn Primarolo who stated in Parliament (evidenced in Hansard) that she didn't think small businesses would convert to be limited companies just to save tax! - closely followed by tens if not hundreds of thousands of window cleaners, tradesmen, etc converting to limited companies to save tax! Just a complete lack of awareness of human behaviour and too much "sixth form debating society" standard of politics.

Even so, a mortgage free person in London in a £1m home is likely someone who is earning a good amount (to be able to pay off a mortgage on a £1m home!)

My in-laws house was 30k in the 80s & is now 1.2m, similar for my parents...

Sorry if I missed it but where are they moving to?

no wrong. Labour signposted this was their proposal long before the election. The flight of wealth has been a consequence of anticipating them coming into power

Everything seems to be subsidised in London. That’s my politics of envy 😆 Council Tax sends me off on a rant in general.

@TheYearOfSmallThings fair enough. Many previous posters have said that a lot of news sources are reporting this so I guess it's not just the telegraph.

You're right that the rich are mobile and always have been. Worth bearing in mind!

Income tax bands were frozen by the Tories & 20% vat was meant to be temporary...

Tax situation / high housing costs / inflation in the UK is becoming a bit problematic in affording a high standard of living.

Mortgage on even a modest house in the South East can be £3-4k (50% of a 1% salary at £180k).

Childcare / schooling another £4-5k if you have two kids.

If you are able to leave, I can see why other countries would be attractive.

I’m still not sure that it’s a problem but I guess it could be if you had a business catered to very wealthy people. Eg I think I read on here that tutors for the super rich charge three figures per hour.
If these millionaires are in competition to buy the same sorts of homes, doesn’t this help dampen demand for fancy homes so help house prices for others wanting fancy homes ?

Dubai, Italy, Portugal - anywhere with low income tax, or flat tax rate schemes

Apparently a lot going to Dubai.

You dont have to be a millionaire to leave the uk op.
Plenty have done it and some doing it.

We run a business (not quite millionaires!) that can be done from anywhere and would leave the uk tomorrow if we didn't have to stay for family reasons. This country is terrible for higher rate taxpayers, many I speak to are planning to leave.

It’s pretty awful for standard rate payers too. And the tax goes a lot broader than income tax.

I have two friends who have moved to dubai in the past year and one moved to australia (highly paid medic now earning double in Australia)

We have considered France and the Isle of Man (want to stay fairly close due to kids at Uni)

much of the west are facing similar demographic issues though so tax will have to go up in some form

Dubai and the like are an option

The £100k 62% rate has been in place since 2010. It should kick in at closer to £160k if accounting for inflation.

Freezing tax thresholds is always just a form of fiscal drag to raise more revenues, but the higher rate will have been in place for 18 years at the end of this parliament.

Every time my bills increase, I have to earn double the sum to just keep still, because of the rate of tax. This to impacts people even on quite average wages if they have student loans etc.

Meanwhile affording the kind of lifestyle you might expect… well, not realistic due to the high cost of housing.

edit: oh and the other major kick in the teeth, then being excluded from many of the schemes you’re funding, like tax free childcare etc.

Is it an upward trend? Or have lots always left and lots arrived.

I'm possibly concerned, but only if they paid taxes and soonest replacing them.

I'm worried about all the young bright people who seem to see no future in the UK though
.

I’m just here until my 17 year old who won’t be going to uni manages to be independent though god knows how that happens in this economic climate. Even renting a room wipes out half of a young person’s income around here.

Freezing tax thresholds is always just a form of fiscal drag to raise more revenues, but the higher rate will have been in place for 18 years at the end of this parliament.

it's shocking and has been ignored for too long. Not to mention yrs of wage stagnation.

@Snorlaxo It might free up a few big houses but they'll probably hold onto houses and rent them. think it's more likely to mean less spending in our economy

@wipeywipe and particularly absurd given the highest rate of tax applies to the band between £100-125k and then goes down again.

Just… why? What rationale?

And is any tax revenue taken at this level, or not as people put money into pensions to avoid it?

@Frowningprovidence apparently this is over double the 2023 number

In terms of incomers let’s be real about the kind of people coming in and the likelihood of them contributing. It’s taboo to say but still reality.

@swallowedAfly yes, most people coming in aren't in the same economic situation as those leaving & it's OK to say that