UK Exodus of Millionaires Highlights Concerns Over Labour’s Tax Policies

[Social Media]

 

Since the general election was announced, a remarkable trend has emerged in the United Kingdom: one dollar millionaire has departed the country every 45 minutes. This unprecedented exodus, reportedly spurred by Labour’s tax reforms, has ignited debates over their economic impact. A record number of wealthy individuals have left Britain since Sir Keir Starmer came to power, raising concerns about the nation’s ability to attract and retain international investors.  

 

The Treasury now faces increasing pressure to reconsider its stance on non-domiciled (non-dom) residents, as the scale of departures underscores the unintended consequences of recent tax changes. Wealth advisers report that an increasing number of British entrepreneurs are also preparing to leave, citing tax increases introduced in the autumn budget.  

 

In 2024 alone, Britain experienced a net loss of 10,800 millionaires due to migration—a staggering 157% increase from the previous year. This outflow placed the UK second only to China in terms of losing affluent residents. New World Wealth, a global analytics firm, compiled the data, revealing that the net figure underrepresents the total exodus, as it also accounts for millionaires who moved to the UK during the same period.  

 

Many departing millionaires have relocated to other European nations like Italy and Switzerland, or further afield to the United Arab Emirates. Among the wealthiest leaving the UK were 78 centi-millionaires and 12 billionaires. These trends gained momentum following the general election announcement, with non-doms at the center of the issue.  

 

The UK’s longstanding non-dom regime allowed individuals to shelter their offshore income and gains from British taxation, provided they paid an annual fee. However, starting this April, Labour is set to abolish this system in favor of a residence-based framework that will also subject non-doms’ overseas assets to UK inheritance tax (IHT).  

 

A survey conducted by Oxford Economics revealed that nearly two-thirds of over 700 non-doms or their tax advisers were either planning to leave or contemplating departure due to these reforms. The introduction of IHT on global assets was cited as the principal motivator, particularly as other jurisdictions either lack such taxes or offer more favorable exemptions. The Office for Budget Responsibility (OBR) has estimated that 12% to 25% of non-doms may leave as a result, potentially affecting the economy, tax revenues, and philanthropic contributions.  

 

The survey highlighted the significant economic contributions of non-doms, who paid an average of £800,000 in VAT last year, £890,000 in stamp duty over five years, and invested an average of £118 million each in the UK. Additionally, they contributed an average of £5.9 million to charitable causes.  

Despite the Treasury’s projection that ending the non-dom regime will generate £2.5 billion annually over five years, Oxford Economics predicts the changes will cost nearly £1 billion per year, excluding reduced VAT receipts and other taxes. David Hawkins of Foreign Investors for Britain labeled the policy “a monumental act of national self-harm.”  

 

This sentiment is echoed by tax professionals and entrepreneurs. Rachel De Souza, a private client tax partner at RSM UK, noted that demand for relocation advice surged after the budget announcements, driven initially by non-doms and subsequently by British entrepreneurs. She remarked, “In virtually all cases, these entrepreneurs are citing the budget announcements as the reason for seeking to move.”  

 

Charlie Mullins, founder of Pimlico Plumbing, is among those who have already relocated, settling in Spain. He remarked, “Britain is in trouble. I’m not going to blame Labour completely—the Tories also lost the plot—but Labour have made it worse. They’ve raised taxes and added new employment laws like getting a contract from day one. It makes it hard to run a business.”  

 

The unfolding situation raises critical questions about the long-term implications of Labour’s tax policies on the UK’s economic landscape.

 

Based on a report by Daily Telegraph 2025-01-20

 

 

[The Cyclist]

Paging @Chomper Higgot

 

Have a read, I told you all this yesterday.

 

This is the outcome of the " Tax the Rich " mantra.

 

 

[Nick Carter icp]

11 minutes ago, The Cyclist said:

Paging @Chomper Higgot

Have a read, I told you all this yesterday.

This is the outcome of the " Tax the Rich " mantra.

 

 

   Its the Left wing ideology. 

*Take others people money and spend it on what you want * 

[Chomper Higgot]

1 hour ago, The Cyclist said:

Paging @Chomper Higgot

 

Have a read, I told you all this yesterday.

 

This is the outcome of the " Tax the Rich " mantra.

 

 

Once again you display your need for my attentions.

 

I can’t get excited about a bunch of non Doms leaving the UK, and I expect Charlie Mullins was always planning to leave for Spain, he certainly seems to spread the blame for the malady of him being required to pay taxes.

 

Anyway, I hope you feel you’ve been given the attention you crave, though don’t go thinking it’s a craving that is reciprocated, I don’t recall ever hinging you a thought unless actually reading one of your missives. 

 

 

 

 

[sammieuk1]

This is Rachel a serial liar who has reversed the midas touch and talks <deleted> endlessly about her black hole 🤔 

[The Cyclist]

1 hour ago, Chomper Higgot said:

I can’t get excited about a bunch of non Doms leaving the UK,

 

How is that reversocycle going ?
 

Yesterday you were extolling the virtues of " Tax the Rich, to fund public Services "

 

They wont be funding anything, given that they are revving up and leaving.

 

More black holes in the Public Finances anyone ?

[Chomper Higgot]

9 minutes ago, The Cyclist said:

 

How is that reversocycle going ?
 

Yesterday you were extolling the virtues of " Tax the Rich, to fund public Services "

 

They wont be funding anything, given that they are revving up and leaving.

 

More black holes in the Public Finances anyone ?

There’s plenty of rich that will not leave the UK and importantly can’t remove the source of their wealth from the UK.

 

 

[Black arab]

😂😂😂😂cheerio see ya later not

Right wing snowflakes wetting themselves again

[James105]

1 hour ago, Chomper Higgot said:

There’s plenty of rich that will not leave the UK and importantly can’t remove the source of their wealth from the UK.

 

 

 

The top 1% of earners pay 29% of the tax in the UK.   Only economic illiterates think that rich people leaving will not have an impact.   

[Chomper Higgot]

12 minutes ago, James105 said:

 

The top 1% of earners pay 29% of the tax in the UK.   Only economic illiterates think that rich people leaving will not have an impact.   

 

Only an illiterate doesn’t understand that growing wealth inequality is causing a reduction in living standard for the majority while a tiny minority continue to accumulate the nation’s wealth.

 

[scottiejohn]

12 minutes ago, Chomper Higgot said:

 

Only an illiterate doesn’t understand that growing wealth inequality is causing a reduction in living standard for the majority while a tiny minority continue to accumulate the nation’s wealth.

 

The so called majority in that case should get their finger(s) out and join the so called minority and stop looking for the socialists to tax the wealthy to pay for their idleness!

[Chomper Higgot]

1 minute ago, scottiejohn said:

The so called majority in that case should get their finger(s) out and join the so called minority an stop looking for the socialists to tax the wealthy to pay for their idleness

So millions of hardworking people whose  standard of living has been in decline for decades are guilty of idleness?

 

 

 

[James105]

18 minutes ago, Chomper Higgot said:

 

Only an illiterate doesn’t understand that growing wealth inequality is causing a reduction in living standard for the majority while a tiny minority continue to accumulate the nation’s wealth.

 

 

Right.  So the fastest way to achieve wealth equality is to ensure the highest earners leave the country.   Lets say 50% of them do and then that removes 15% of the tax income for the country.  Can you explain how that benefits the living standards for the majority as the only way that 15% is replaced is by raising taxes or making punitive cuts to services.   Would be interested to hear your expert opinion on this.   

[PomPolo]

I don't really blame or am surprised with the evacuation from the UK, last year (23/24) anyone paying tax in England if you are wondering where your money went, to summarise the largest amount of your money went to people that have no job, lots of kids, need a house, a car, sky TV for free etc and making sure everyone's welfare is fine apart from yours.  Is it any wonder people emigrate from that country and so many people cross the sea to risk their lives and join the 'welfare' handouts?
If we start paying tax in Thailand do you think we would be added to the 'welfare' system here? I highly doubt that.
 

[MalcolmB]

I left last year.

Heavy taxes were not the reason.

Heavy women with bad attitudes and the depressing weather were the main reasons.

Thailand gives me a better lifestyle in nearly every way

[PomPolo]

3 minutes ago, MalcolmB said:

I left last year.

Heavy taxes were not the reason.

Heavy women with bad attitudes and the depressing weather were the main reasons.

Thailand gives me a better lifestyle in nearly every way

Totally agree I never left because of the amount of taxes, and very correct it is just a better lifestyle and I can put my tax money to better use here.  We all pay taxes in someway wherever we live, in Thailand at least the extra money you pay you can see it going directly to a good cause i.e. your own enjoyment or your welcoming families improved quality of living rather than some druggy family living on a city housing estate.
I basically left through disillusionment with it all, and although Labour have probably made things worse from that perspective I can't see any other government changing it drastically without a repeat of England's own version of a coup i.e. riots.

[Chomper Higgot]

28 minutes ago, James105 said:

 

Right.  So the fastest way to achieve wealth equality is to ensure the highest earners leave the country.   Lets say 50% of them do and then that removes 15% of the tax income for the country.  Can you explain how that benefits the living standards for the majority as the only way that 15% is replaced is by raising taxes or making punitive cuts to services.   Would be interested to hear your expert opinion on this.   

Who said anything about ‘wealth equality’?

 

 

[scottiejohn]

39 minutes ago, Chomper Higgot said:

So millions of hardworking people whose  standard of living has been in decline for decades are guilty of idleness?

 

 

 

Yes!

[scottiejohn]

7 minutes ago, Chomper Higgot said:

Who said anything about ‘wealth equality’?

 

 

You did when you posted about wealth inequality!

 

 

[PomPolo]

The best analogy of what I said is that if for example in 1 month last year you paid 100 pounds tax (figures directly from my HMRC mobile application)
21.60 of it went to look after people on the dole, legal aid, child benefits, immigration welfare (5* hotels) and a multitude of other free stuff

20.20 of it went to the NHS which should definitely be higher than welfare, tax in Thailand means no NHS and no other benefits for foreigners non-negotiable

Pensions and national debt in the UK to be expected, also the defence expenditure wasn't as high as I expected when I checked that today at a fiver, I'd be happy to pay that.
Essentially my new plan anyways when I go back to England for a visit I am not flying to Heathrow, I am going to France, grabbing a dinghy, cross the channel utilise the Coast Guard resources, hide my passport then be placed in immigration accommodation (hopefully 5*) when they catch me.  I plan on escaping from there then off to see the family!

 

[Chomper Higgot]

15 minutes ago, scottiejohn said:

You did when you posted about wealth inequality!

 

 

I said ‘Growing wealth inequality’ which is probably why you chose not to quote my actual post. 
 

Wealth inequality is both unavoidable and necessary, growing wealth inequality is neither unavoidable or necessary.

 

It’s reached the point of doing harm to the living standards of the majority as the nation’s  wealth concentrates in the hands of the hyper wealthy while the majority face declining living standards.

 

 

 

[Chomper Higgot]

Just now, PomPolo said:

The best analogy of what I said is that if for example in 1 month last year you paid 100 pounds tax (figures directly from my HMRC mobile application)
21.60 of it went to look after people on the dole, legal aid, child benefits, immigration welfare (5* hotels) and a multitude of other free stuff

20.20 of it went to the NHS which should definitely be higher than welfare, tax in Thailand means no NHS and no other benefits for foreigners non-negotiable

Pensions and national debt in the UK to be expected, also the defence expenditure wasn't as high as I expected when I checked that today at a fiver, I'd be happy to pay that.
Essentially my new plan anyways when I go back to England for a visit I am not flying to Heathrow, I am going to France, grabbing a dinghy, cross the channel utilise the Coast Guard resources, hide my passport then be placed in immigration accommodation (hopefully 5*) when they catch me.  I plan on escaping from there then off to see the family!

 

 

You need to add welfare subsidies to low wages, as 38% of people in receipt of welfare benefits are working.

 

https://publications.parliament.uk/pa/cm5804/cmselect/cmworpen/142/report.html#:~:text=Benefit claimant caseload&text=20.,sick or disabled%2C for example.&text=We provide further claimant numbers,and 3 of Annex One.

 

 

 

[James105]

23 minutes ago, Chomper Higgot said:

Who said anything about ‘wealth equality’?

 

 

 

Oh well done you got me!  Let me address this and make it super clear for you.  Hope this helps.  

 

Right.  So the fastest way to achieve wealth equality address wealth inequality is to ensure the highest earners leave the country.   Lets say 50% of them do and then that removes 15% of the tax income for the country.  Can you explain how that benefits the living standards for the majority as the only way that 15% is replaced is by raising taxes or making punitive cuts to services.   Would be interested to hear your expert opinion on this.   

[Baht Simpson]

Once these multi-billionaires realise their State Pension is frozen they'll be back. Lol.

[Chomper Higgot]

2 minutes ago, James105 said:

 

Oh well done you got me!  Let me address this and make it super clear for you.  Hope this helps.  

 

Right.  So the fastest way to achieve wealth equality address wealth inequality is to ensure the highest earners leave the country.   Let’s say 50% of them do and then that removes 15% of the tax income for the country.  Can you explain how that benefits the living standards for the majority as the only way that 15% is replaced is by raising taxes or making punitive cuts to services.   Would be interested to hear your expert opinion on this.   

The most effective way to address growing wealth inequality is to reverse ‘trickle down economics’.

 

 

[PomPolo]

5 minutes ago, Chomper Higgot said:

 

You need to add welfare subsidies to low wages, as 38% of people in receipt of welfare benefits are working.

 

https://publications.parliament.uk/pa/cm5804/cmselect/cmworpen/142/report.html#:~:text=Benefit claimant caseload&text=20.,sick or disabled%2C for example.&text=We provide further claimant numbers,and 3 of Annex One.

 

 

 

Fair play yes income support, however I have no income in Thailand only my savings I have paid taxes all my life, who would be first in line to get money me, someone crossing the channel or a chav with 6 illegitimate children?

[Prubangboy]

My money is split between dividends and muni bonds. My tax rate is 12%. I'll pay nothing in Thailand.

 

Should be taxed much less than an Amazon delivery person who is actually doing something?

[proton]

The trouble with socialism is that you eventually you run out of other peoples money- The last decent PM we had

[PomPolo]

My girlfriend looked at me in disbelief when I tried to explain to her in my broken Thai the UK welfare and health system.

She just turned around to me and asked "You mean people get money for nothing?" bless her, took a few Google translate attempts until she got it!

[KhunHeineken]

Thailand heading in the same direction, for foreigners and Thai's.