As the chilling Halloween Budget is set to be unveiled on October 30, a growing number of affluent Brits are considering packing their bags . . . but could be punished for doing so.
The mass departure began under the Tories, who pushed UK taxes to a staggering 70-year high. Last year saw 4,200 millionaires bid farewell to the UK.
With Labour at the helm, that figure is predicted to soar to 9,500 this year, as per Henley Private Wealth’s estimates. Many might say good riddance. The sentiment of “bash the rich” is gaining momentum daily under Labour’s reign.
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At present, it’s a easy to leave the UK. Entrepreneurs and investors don’t have to pay any capital gains tax (CGT) on UK shares if they depart Britain for more than five years, reports the Express.
So, they can up sticks if they fancy. After all, it’s a free country. Now, left-leaning think tank the Resolution Foundation is urging Labour to impose a CGT-style exit fee on departing Brits, to squeeze them before they go.
Is this a wise move? Conveniently, one advanced European economy has already implemented such a measure, giving us a glimpse into how it might pan out.
Norway boasts one of the world’s most robust economies and one of the most stable currencies. Well, not anymore. Average wages are 50% higher, and as any Brit who’s visited will attest, it’s bloody pricey.
According to official figures, it’s the Norwegians who are grumbling about prices, as foreign tourists flood in due to the country’s currency hitting a 50-year low.
(Image: POOL/AFP via Getty Images)
Ironically, Norway is under a Labour government too, and this financial collapse occurred on their watch. Norway is one of the few countries with a wealth tax, something many left-wingers want Starmer to implement.
The Norwegian Labour Party increased the top rate in 2022, making the wealthiest pay more.
However, it hasn’t exactly gone to plan. Despite the maximum rate being only 1.1%, it’s taxed on people’s total wealth, including their businesses.
And they have to cough up every single year. So, for instance, someone who owns a business worth £40million could be looking at an annual tax bill of £440,000. And they have to pay even if the business operates at a loss that year.
This won’t just impact the rich. Anyone with more than half a million krone (£35,700) in shares will feel the pinch.
You have been warned . . .
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