When Rachel Reeves unveils a crucial budget on Wednesday, a central question will be how much the flurry of millionaires departing for destinations including Dubai has cost the government.
More British citizens are leaving the UK than returning, and as many as 1,800 wealthy former non-domicile residents have left the UK already. One in eight small to medium-sized business owners were planning to leave the UK themselves or move their companies, polling this month by Rathbones, a wealth and asset manager, found.
Twenty six per cent said they would move next door to Ireland. The second-top destination was Dubai (21 per cent) followed by the US. The segment of wealthy people who have left the UK is still difficult to define – but their impact is significant.
We will see populist politics including tax measures which make the situation worse Dan Neidle ,
tax expert
The top one per cent of earners in the UK contribute more than a quarter of tax revenue (28.2 per cent), according to a July report by the conservative think tank Onward. The threshold for being part of the one per cent has risen from £96,400 before tax in 1999, to £214,000 now.
The UK could lose 16,500 millionaires this year a
Continue Reading on The National UAE
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.