Posted on 01/18/2025 10:02:05 AM PST by MinorityRepublican
A record number of millionaires left the UK last year, with the exodus said to have accelerated after Labour came to power in July.
A total of 78 centi-millionaires (people with $100 million or more) and 12 billionaires departed the UK last year, according to New World Wealth, a research firm.
The news, coming on the back of recent turmoil in bond markets and warnings from businesses, has raised further concerns about Labour's tax plans.
Millionaires are mostly moving to other European countries such as Switzerland and Italy, or to the UAE.
The flows of millionaires out of the country was higher in 2024 as a whole, but the increase is said to have sped up since Labour came to power in the summer.
Among the factors said to be pushing millionaires to leave are Labour's plans to remove the non-domiciled tax regime that allows people to keep non-UK income in a foreign country, in exchange for a fee.
Labour are getting rid of the non-dom regime from April, which Chancellor Rachel Reeves said would raise nearly £13 billion over five years.
Over 70,000 people with non-dom status lived in the UK in 2023.
(Excerpt) Read more at lbc.co.uk ...
It might have been easier had the Labour drones not started singing “Let me tell you how it will be / There’s one for you, nineteen for me...”
What “Tax the rich!” really looks like.
Its clear that the woke globalists running the UK were as responsible as any for the corruption and war in Ukraine, as well as nearly 10 years of anti-trump lawfare and DC uniparty corruption.
Trump needs to un-hitch America’s relationship from this failing, sinking, dying neo-marxist regime, lest it pull America down with it.
Let it fail, and perhaps the real British can reclaim their country.
Who needs millionaires when you have diversity?
Hope it doesnt make Ellen and others who left USA for there want to return.
RE: Millionaires are mostly moving to other European countries such as Switzerland and Italy, or to the UAE.
1. I didn’t know that Italy has become tax friendly to millionaires…
2. Are these movers still British Citizens? If so, how does moving to another European country help? Aren’t your investments ( e.g. interest income ) still taxable or claimable by the British Government? I know they are when it comes to the US government. They come after your income from ALL SOURCES, International or domestic.
Bring them here. Bring their kids with them along with a couple of nieces and nephews.
Two words: Laffer Curve.
Have to tax someone. How else are the political elite going to afford to pay the Paki rape gangs for their commodity.
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