Didn’t they say this would cost more than it’d make the other week?
mpanase on
That’s how it works in other countries.
Does it not work like that in UK as well?
MDK1980 on
Trying to get them out of the country even quicker?
SlightlyAngyKitty on
How about taxing them fairly while they’re actually here first?
NSFWaccess1998 on
Anything to avoid liberalising planning laws and building critical infrastructure to generate growth/lower energy prices/ solve the housing crisis. The pie CANNOT be allowed to increase. We MUST expens increasing amounts of political energy to argue over how it is subdivided.
bateau_du_gateau on
Have we considered taxing economists and treasury officials
ChargingBull1981 on
This is exactly what we should be doing, the Government are too toothless to do it though!
SmoothlyAbrasive on
It should tax the super rich whether they leave or not, and the ones that leave, rip em harder.
jtthom on
Exit taxes are an important way to crack down on tax avoidance for capital gains.
Moving to Monaco for a few months when you sell your company so you don’t pay capital gains tax is currently too easy a loophole and is inconsistent with other policies like inheritance tax.
They also need to reform inheritance tax. Currently the biggest owner of farm land in the UK is James Dyson – he does this because farm land is exempt from any inheritance tax, no matter its value. So he’s converting wealth into farmland to avoid tax.
All this stuff works in theory but not in practice.
If I were to move to my wife’s home country while we decide to rent out our flat here, do we need to pay capital gains tax on the flat? I’m not wealthy by any means, but if that was the case, it would be an astoundingly bad tax.
Kupo_Master on
I will be rushing to the door if any such tax is put in place as it would increase my tax amount to a number higher than the salary I get paid in the UK. Literally would earn more doing nothing in a low tax jurisdiction than working 80 hours week here. Seems like a no brainer.
I was actually discussing this with my private banker 2 weeks ago. He said many clients are thinking about relocating due to non dom changes. I told him I can probably manage that but if exit tax is on the table then I’m gone.
Necessary-Product361 on
But this will cause the rich to leave with all their wealth! Oh wait
kahnindustries on
The problem is when they are talking about “the wealthy” the people we think about are billionaires
Billionaires have no income or assets
Ok_Commission_8436 on
What about using cheap labour in other countries that doesn’t benefit us at all?
lookatmeman on
Tax the assets they hold in the UK fairly, its as simple as that. They can’t take them away in a suitcase. Taxing mega rich people like this is a fools errand because they have all the best accountants and will find a way. It will also discourage legitimate rich people from coming here and investing.
15 Comments
Didn’t they say this would cost more than it’d make the other week?
That’s how it works in other countries.
Does it not work like that in UK as well?
Trying to get them out of the country even quicker?
How about taxing them fairly while they’re actually here first?
Anything to avoid liberalising planning laws and building critical infrastructure to generate growth/lower energy prices/ solve the housing crisis. The pie CANNOT be allowed to increase. We MUST expens increasing amounts of political energy to argue over how it is subdivided.
Have we considered taxing economists and treasury officials
This is exactly what we should be doing, the Government are too toothless to do it though!
It should tax the super rich whether they leave or not, and the ones that leave, rip em harder.
Exit taxes are an important way to crack down on tax avoidance for capital gains.
Moving to Monaco for a few months when you sell your company so you don’t pay capital gains tax is currently too easy a loophole and is inconsistent with other policies like inheritance tax.
They also need to reform inheritance tax. Currently the biggest owner of farm land in the UK is James Dyson – he does this because farm land is exempt from any inheritance tax, no matter its value. So he’s converting wealth into farmland to avoid tax.
Our tax policy is stupid in so many ways…
If you’re interested, the IFS has a good podcast episode about it https://youtu.be/ozyyVXxDaSM?si=TjZO3Hnh_qTWHhyW
All this stuff works in theory but not in practice.
If I were to move to my wife’s home country while we decide to rent out our flat here, do we need to pay capital gains tax on the flat? I’m not wealthy by any means, but if that was the case, it would be an astoundingly bad tax.
I will be rushing to the door if any such tax is put in place as it would increase my tax amount to a number higher than the salary I get paid in the UK. Literally would earn more doing nothing in a low tax jurisdiction than working 80 hours week here. Seems like a no brainer.
I was actually discussing this with my private banker 2 weeks ago. He said many clients are thinking about relocating due to non dom changes. I told him I can probably manage that but if exit tax is on the table then I’m gone.
But this will cause the rich to leave with all their wealth! Oh wait
The problem is when they are talking about “the wealthy” the people we think about are billionaires
Billionaires have no income or assets
What about using cheap labour in other countries that doesn’t benefit us at all?
Tax the assets they hold in the UK fairly, its as simple as that. They can’t take them away in a suitcase. Taxing mega rich people like this is a fools errand because they have all the best accountants and will find a way. It will also discourage legitimate rich people from coming here and investing.