One Fifth of All Millionaires To Leave Britain by 2028
New data from the Adam Smith Insititute won’t make happy reading for Reeves as she battles her officials over Labour’s manifesto tax hikes. The Treasury is already looking at watering down the non-dom tax raid by softening plans for inheritance tax on trusts and introducing a discount on bringing in foreign income. Yet another ‘loophole’ as tax-fanatics would dub it – otherwise known as an ‘incentive’…
The ASI finds that the 4.55% of British residents with over $1 million in assets will plunge to just 3.62% by 2028. They will leave thanks to increased day-to-day taxation, frozen inheritance tax thresholds and capital gains taxes set to rise…
When Transport Secretary Lou Haigh was asked on GB News this morning whether the government would reconsider its non-dom tax seeing as it is now predicted to raise no money at all she said “if people come here they should pay their taxes here… the OBR will properly assess and analyse the impact at the budget.” That famously accurate institution…
In 2024 the number of millionaires is set to fall by 9,500 to 593,000 – compare that to the 708,500 Britain had back in 2007. When the top 1% of earners pay 29% of all income tax receipts it is no wonder that Treasury officials are baulking at Labour’s plans to hemorrhage cash with tax hikes…
