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Post by Handyman on Jun 18, 2024 8:19:06 GMT
The number of millionaires leaving Britain is expected to double this year amid Labour’s tax raid on non-doms and private schools.
A record 9,500 people with assets, excluding property, of $1m (£790,000) or more, are forecast to leave the country in 2024, according to expat wealth manager Henley & Partners. Last year 4,200 millionaires left.
It comes as Labour revealed plans to strengthen the Conservatives’ non-dom reforms in its manifesto last week. Both parties have said they will make the non-doms regime less generous but Labour went further.
The party pledged to raise £450m by closing a loophole that allows non-doms to avoid paying inheritance tax on assets held in trusts.
Advisers to non-doms have warned that many wealthy foreigners will exit the country if they are forced to pay the 40pc charge. Britain’s inheritance tax rate is one of the highest in the OECD group of leading economies.
Henley & Partners’ annual private wealth migration report is based on data on more than 150,000 high-net-worth individuals. The firm found that the number of millionaires in the UK has dropped by 8pc over the past decade while in other countries the figure is rising. For example, France has seen its millionaire population grow by 14pc and Australia’s has soared by 35pc.
Expect the economy to stagnate over the second half of 2024, says NatWest's Michelle Girard
This year’s report said that the UK will lose the second-most millionaires of any country, overtaken only by China, which is anticipated to lose 15,200 wealthy residents.
Hannah White, of the Institute for Government, a think tank, said economic and political turmoil in the UK had already triggered an outflow of millionaires but this was now being accelerated by hostile policy decisions ahead of the election.
“For those educating their children in the UK’s well-regarded private school sector, Labour’s commitment to remove their exemption from 20pc VAT is a further unwelcome development,” she added.
Around the world, 128,000 millionaires will relocate in 2024, more than in any year previously, Henley & Partners said.
The firm said China would suffer the biggest outflows and that these would be “more damaging than usual” to its economy because of the recent slowdown.
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Post by The Squeezed Middle on Jun 18, 2024 8:42:48 GMT
Labour wrecking the economy is a given. It's just what Labour does.
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Post by Baron von Lotsov on Jun 18, 2024 9:19:35 GMT
Hannah White is funded by the ex-Sainsubry's boss and owner. She has a PhD in "Human Geography" and the institute she works for is a registered charity funded by a trust which is owned by Sainsbury and also funds poverty reduction in Africa. It's own funding has increased by 40% in 2019.
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Post by Handyman on Jun 18, 2024 9:22:47 GMT
Labour wrecking the economy is a given. It's just what Labour does. IMO for a long time if the people with money think Labour may or will win the GE they get their money out of the UK as fast as possible, what I cannot understand id Labour claim they will tax Non Doms who have money outside of the UK income overseas, how can they possibly do that ? |
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Post by bancroft on Jun 18, 2024 13:00:06 GMT
Labour wrecking the economy is a given. It's just what Labour does. IMO for a long time if the people with money think Labour may or will win the GE they get their money out of the UK as fast as possible, what I cannot understand id Labour claim they will tax Non Doms who have money outside of the UK income overseas, how can they possibly do that ? When they bring it back into the UK tax system via emergency tax, I guess. |
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Post by Handyman on Jun 18, 2024 16:12:18 GMT
IMO for a long time if the people with money think Labour may or will win the GE they get their money out of the UK as fast as possible, what I cannot understand id Labour claim they will tax Non Doms who have money outside of the UK income overseas, how can they possibly do that ? When they bring it back into the UK tax system via emergency tax, I guess. Why would they bring back their money earned overseas and subject to Tax in the country it is generated in or kept in |
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Post by bancroft on Jun 18, 2024 18:15:03 GMT
When they bring it back into the UK tax system via emergency tax, I guess. Why would they bring back their money earned overseas and subject to Tax in the country it is generated in or kept in Families and other countries going down the plug hole, remember Branson's island being hit by a typhoon and him looking for UK tax payers to bail him out, he used tax havens.......!!! |
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Post by Totheleft on Jun 18, 2024 18:23:25 GMT
The truth is Billionaires are backing labour not Tory
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Post by bancroft on Jun 18, 2024 18:27:58 GMT
Perhaps the billionaires are hoping Labour can take us back into the EU.
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Post by Totheleft on Jun 18, 2024 18:40:41 GMT
Well they put money ìnto the Tory government in 2019.
So wonder what's change there mind.
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Post by sheepy on Jun 18, 2024 19:31:07 GMT
Fairly obviously the Tories are about to be wiped out and Labour will be in, so it would be pointless trying to buy influence with the Tories.
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Post by johnofgwent on Jun 18, 2024 20:15:37 GMT
The truth is Billionaires are backing labour not Tory You’ve picked up the Phons 4 U conman’s story haven’t you That’s one man, who made his money with the dodgiest of the dodgy phone companies back in the days of 33p a minute inside the M25. He’s not handing Sunak any money this time But he’s not handing Starmer any either Because he will need it to sort out his tax exile As i said about a fortnight ago, Angela Legs Akimbo Rayner found 100 businessmen (no women though) to back her Which begs the question ‘who are the other 7,700 CEOs / MD’s of the 7,800 companies registered at companies house as employing more than 250 people today’ voting for And who are the 5.8 million registered owners of non dormant ltdco and ltd liability partnership business ventures currently employing less than 250 people going to vote for ? |
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Post by johnofgwent on Jun 18, 2024 20:18:31 GMT
Labour wrecking the economy is a given. It's just what Labour does. IMO for a long time if the people with money think Labour may or will win the GE they get their money out of the UK as fast as possible, what I cannot understand id Labour claim they will tax Non Doms who have money outside of the UK income overseas, how can they possibly do that ? One very easy way would be to follow the American example |
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Post by Pacifico on Jun 18, 2024 21:26:27 GMT
IMO for a long time if the people with money think Labour may or will win the GE they get their money out of the UK as fast as possible, what I cannot understand id Labour claim they will tax Non Doms who have money outside of the UK income overseas, how can they possibly do that ? One very easy way would be to follow the American example But they are US citizens, most non-doms are foreigners. If you try to start taxing them on their worldwide income their home nations would have something to say about it. |
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Post by johnofgwent on Jun 19, 2024 0:30:49 GMT
One very easy way would be to follow the American example But they are US citizens, most non-doms are foreigners. If you try to start taxing them on their worldwide income their home nations would have something to say about it. I should have made my point a little clearer
A US Passport Holder pays tax to the United States IRS no matter where they are in the world and no matter how they make that income.
Some countries (like the UK) are bloody stupid enough to have treaties that allow citizens to avoid paying two sets of tax. I admit using this system myself when working in France, and the French were bloody annoyed about it, but as a UK citizen working freelance in France just after John Major dragged us into the Masstricht treaty with his bloody lies about subsidiarity i was given the option of paying tax to the French, or paying tax to the UK, and was told i was able to use the fact i had paid one as a means to claim relief from paying the other.
Naturally as a Brit, one hates the French as the very devil, and so i opted to pay MORE tax to the British Inland Revenue than i would have had to pay to the French, so as to tell them their father stank of elderberries.
I was suggesting that ONE way to ensure British Passport Holders failed to evade the Britsh Exchequer would be to implement a system similar to that used by the USA, and demand tax from passport holders on their worldwide income regardless of the country they were currently sitting in.
This might well piss off the country the taxed are living in, who may have to give up their claim on the tax we collect, but frankly, if this causes that country to put two fingers up to double taxation relief and cause wealthy abscoders to be taxed twice, well I for one will not object.
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