As Labour warn of a “painful” budget and a “broken” economy, the wealthy are leaving the UK or making plans to relocate to lower tax countries.

The Swiss bank, UBS, predicts it its latest Global Wealth Report that 500,000 millionaires will leave the UK by 2028, a 17% fall.

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The FT said the UK will lose the most millionaires among the countries covered by UBS due to a combination of threatened ‘non-dom’ taxation, higher taxes and Russian sanctions, which has also seen billions flow out of the country.

UBS’s report estimates that $83.5tn of wealth would be transferred within the next 20 to 25 years.

This puts in doubt London's position as a haven for the global elite, currently a haven for the third highest number of dollar millionaires after the US and China.

At the same time, low growth and high taxes and regulation is moving global investment to countries where the see more opportunity in Asia, North and South America and Africa, according to the media tycoon Sir Martin Sorrell.

Taiwan has seen the highest growth of millionaires largely due to high tech growth businesses in the microchip sector.

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Concerns over potential tax hikes, as the Labour Party hints at plans to raise Inheritance Tax (IHT), Capital Gains Tax (CGT), and even introduce a wealth tax, are already causing an exodus of the rich.

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How will Labour’s new Renters Rights Bill 2024 affect buy-to-let landlords?

The Labour Party’s Renters' Rights Bill 2024 is poised to bring significant changes to the UK’s rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively.

Watch video version - https://youtu.be/Wx1HXgVW1bM

Section 24 Landlord Tax Hike

Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.

Email charles@charleskelly.net for a free consultation on how to deal with Section 24.

Watch video now: https://youtu.be/aMuGs_ek17s

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