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

I am a net contributor, love London, and never want to go to Dubai, not even for a holiday ( though I might be persuaded to retire in Thailand).

But it's not just about me.

Things change quite quickly. Look at Italy trying to attract millionaires. It is not just Dubai.

Let the greedy leeches go and cancel their British passports. Ta ta Charlie Mullins!

https://www.reuters.com/world/europe/italy-retains-appeal-super-rich-new-residents-despite-tax-hike-2024-08-09/

A flat tax that brings in something is far smarter than telling people they will be paying inheritance tax on worldwide assets for up to 10 years AFTER they leave Britain. It is just plain stupid!

@Hardlyworking @CHEESEY13 are you concerned about the effects on UK economy?

Fair enough, it's your decision to stay or leave. I'm not sure why/how you've reached the conclusion that most of them leaving are retired though. I see no evidence of that.

You have to have left for eleven years, as when you look back 20 years from that point you’ll have 9 UK years and 11 non UK years and so no tax.

In terms of keeping track, you could maybe get away with it - but you could also probably get away with not paying income tax by being self employed and not telling anyone, it’d be illegal. And a lot of people will be British Passport holders that will get cancelled etc, or British driving licence holders, or there will be information sharing protocols between jurisdictions - so it’s probably easier to keep track then you might think.

Charlie Mullins was really anti Brexit originally. Not sure what happened after that and why he suddenly went pro Reform. I thought he went to Spain anyway, not Dubai. Spain is a nice place to live. I would go too, for a few years, if I could afford it and wasn’t tied down with kids and their education. Good weather, friendly people, nice food. Not everyone wants to go to Dubai, there are other options.
Although apparently non EU (including Brits, of course) now have to pay double stamp duty, so Spain now out! Unless you also have another EU passport, then you are fine.
Spain was the fastet growing economy in the eurozone in 2024.

I think the British will backtrack on a lot of the current socialist policies going out, once the moneys go, they will realise. It is easy to change things back.

If you have no assets left in Britain and you do not have to access anything and get probate to do so, then not exactly sure how HMRC are going to track a whole lot of oldies who left the country years ago.

How are you worth ten times your child’s teacher?

I am worried. The Labour government have been extremely disappointing where economic policy is concerned. I knew it would be bad, but didn’t anticipate it would be this bad. The Tories definitely deserved to loose the election…but Labour clearly didn’t deserve to win, and now the country is being run by fools.

The NI hike is equally worrying and we are yet to see the outcome of a lot of their policies. Growth they say. You CANNOT tax your way to growth….even if you take all of the money millionaires make, there are consequences.

I’d rather the government look at reducing the size of the welfare state and start incentivising work and earning; study and self motivation; wage growth and productivity.

But inside we have too many policies that are almost socialist and we’re failing. The middle classes and working classes (actually working) are getting poorer. It’s wrong.

Wow! What a horrible comment.
This poster will be paying an extortionate amount of money in taxes. She is literally paying teacher's salaries.

It doesn’t matter if they are or aren’t.
That’s the joy of a capitalist society. People can aspire to do better, train, earn more, work for companies that pay big, get bonuses.
And if people don’t, they can still encourage their children to.

But if you tax too high, reduce people’s incomes, then what’s to aspire to? Why don’t we all just stay home watching TV, expecting the millionaires to pay to keep us? No point us working if we can’t achieve a better house, or a better school or a better medical treatment, or nicer holidays for our labour.

The teacher chose her job, knowing the limitation on pay. The pp clearly aspired to earn more and work their way up. I say that as a teacher.

It's likely a bit of short term pain but overall a less unequal society is a good thing.

There's quite a bit of work been done looking at the benefits to everyone's health, education, Lower crime rates, lower stress, more happiness etc in more equal societies.

Regardless of how much tax they do or don’t pay, non-doms spend millions of pounds on goods and services. This both keeps people in employment, and means the government gets 20% vat on all of those goods and services too. Even the 20% vat will mean the average non-dom individual will be paying hundreds of thousands of pounds to the UK government.

Name changed.
I'm a multi millionaire. Inherited wealth. I'm also a member along with many others of the Patriotic Millionaires movement. I'm not going anywhere. At my level of wealth paying tax is a privilege and the price I pay for living in a free and functioning society (tho I recognise much of it isn't working optimally at the moment). I want schools to function well, and a healthy population. I want the potholes fixed.
Norway has (by our standards) draconian taxes for the very wealthy, and yet most decide to stay.

Someone has to pay. I can, and so can many below and at my level of wealth.

Again, I'm not leaving.

Inequality is a real threat to civilised and democratic society. Let's see less of it.

If it’s such a threat, why not pay additional voluntary taxes on your money to distribute it further?

@fromdownwest
From your user name we may live near each other, our children may have gone to the same (state) school.
Firstly you don't know anything about my tax arrangements and I'm not about to go into them on here. I have certainly rejected every legal but tricksy method I've been offered to save a few hundred thousand grand here and there. I sleep better as a result.
Secondly I campaign for people like me to pay more.
So I'm not sure what your problem is.

If it’s such a threat, why not pay additional voluntary taxes on your money to distribute it further?

This. @patrioticmillionaire If you’re a multi millionaire surely a couple of millions would be enough for your needs - giving the rest away would result in less inequality and could be put to good use by the government.

I think a lot of properly rich people with generational wealth are happy to pay the taxes because they can afford to do it and normally they also have generational status and influence and soft power in the UK. The issue is with those who make a bit of money and then the HMRC takes 60-70% marginal tax rates and then taxes again on death and every opportunity. And then the internationals who do not have the long term ties to the country, they will always be a flight risk.

Again @Barbadossunset you don't know what I give away and what I'm intending to keep. I'm actually fairly new to this.
My parents died quite recently.
We have given a lot away. But I'd rather it was in the context of a tax system which did the job rather than individuals deciding what they'd like to pay. I voted Labour hoping that's what they might do. So far I'm disappointed.

@ Araminta. I think you're right. In many cases at least. However if you look at the membership of organisations like Patriotic Millionaires you'll find a real mix of generational and earned wealth. I speak to plenty of entrepreneurs who think the same as me.

@patrioticmillionaire thank you for answering my question.

I voted Labour hoping that's what they might do. So far I'm disappointed.

Are you disappointed because they haven’t raised taxes enough?

Thanks the technicalities are interesting.
In terms of IHT though, if someone’s dead they don’t need their passport or driving licence which is why I think this is a policy that won’t work practically. Not to mention all those who don’t hold a British passport anyway.

The only way then is if you die in a jurisdiction ( as you say ) that shares information with the UK and your executor is also UK based as they’ll take personal responsibility.

Thanks for the info Cookies

Since Rachel Reeves has 'adjusted' the non dom rules she spent a lot of time shouting about pre election, I would say the millionaire mini exodus has her slightly rattled. As indeed it should. The budget was a disaster for growth hence all the back pedalling we've seen in recent days.