Wealthy Britons Seek Migration

This is a UK news story, published by The Times & The Sunday Times, that relates primarily to Britons news.

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British tax

The Times & The Sunday Times

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Rich ready to leave UK over budget tax threat

Summary

Nutrition label

69% Informative

Number of wealthy Britons looking to move abroad has surged since Labour 's election victory.

Fears grow over scale of Chancellor's impending tax raid on high earners.

Wealth managers say concern over government’s tax plans in the autumn budget are prompting the demand.

Tax advisers say they have also experienced a “massive uptick’ in activity as entrepreneurs look to sell or transfer assets before the budget, in the hope of minimising their CGT exposure.

The 37,800 non-domdomers contribute 6.5 billion a year in income tax, national insurance and capital gains on their UK income and assets.

In March , the Conservative government vowed to limit these tax breaks by reducing the time before non-doms have to start paying tax on their overseas income from 15 to 4 years .

Analysis by the consultancy Oxford Economics suggests that rather than generating money, the plans could result in a 900 million -a-year loss for the Exchequer .

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful