Controversial ‘exit tax’ has sunk this wealthy European nation – now Labour wants it here! B
PM Keir Starmer is being urged to slap a punitive “exit tax” on Britons who flee overseas to escape Labour’s tax raids. One European country has already tried this policy, and it’s backfired horribly.
It’s a lot cheaper to visit Bergen in Norway with the krone at a 50-year low against the pound
As the Halloween horror Budget looms on October 30, many wealthy Britons are looking to quit the UK. The exodus began under the Tories, who drove UK taxes to a 70-year high.
Last year, 4,200 millionaires left the country. With Labour in charge, that’s expected hit 9,500 this year, according to Henley Private Wealth.
Many will say good riddance. The “bash the rich” mentality is growing stronger by the day, under Labour rule.
The problem is they’ll take their money with them, leave a gaping hole in the nation’s finances that the rest of us will have to plug.
Currently, it’s easy to leave the UK. Entrepreneurs and investors pay no capital gains tax (CGT) on UK shares if they leave Britain for more than five years.