The Financial Times 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 Withers 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 FT 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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