UK Millionaire Diaspora Threatened As 50% Rate Increase Looms

UK Millionaire Diaspora Threatened As 50% Rate Increase Looms

The reports Britain’s super-rich are preparing to flee the country in hordes.

The reason?  In April, the top rate of personal income tax will increase to 50% for earned income above £150,000 a year.

A poll of bankers, accountants, independent financial advisers and head-hunters by international law firm  reveals that three quarters of respondents were “likely or somewhat likely” to move abroad in the next 12 months.  Moreover, almost 70% said they would move both their family and their business abroad.

Switzerland tops the charts as a des res for wealthy ÈmigrÈs: nearly 63% of respondents cited it as a possible relocation destination.

The Channel Islands came a poor second, with 13.79% of the vote; while the USA, Hong Kong, Monaco, Singapore, France and UAE were also mentioned.

Interestingly, respondents cited lifestyle as the most important reason for relocating – personal tax rises were the least important.

The  notes the bank bonus payroll tax, new rules ­limiting pension tax relief, and the elimination of personal allowances for those earning more than £100,000 were cited as other motivating, albeit not decisive, factors spurring emigration.

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