The UK lost 10,800 millionaires to foreign countries last year, more than double the number who left in 2023. It means that, since Labour came to power, one millionaire left the UK every 45 minutes.
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when a millionaire leaves, possess their real estate and make it into low-cost or free public housing. stop letting them sit on land when they don't even live on it
instead of catering to millionaires, tax any money they try to flee with. migration is a natural right but looting isn't. the cowards can run but the money stays; it's not really their money anyway — which laborers did they make those millions off the backs of?
Good riddance. Hoarders of wealth = hoarders of health, quality of living, time, security and more. If they don't want to contribute, then their departure is no loss
There were 602,500 high-net-worth individuals defined as millionaires in the UK at the end of 2023, so a net outflow of 10,800 amounts to less than 2%. Not exactly the end of the world
"Adam Smith Institute (ASI) research... showed that each of the millionaires who left Britain last year would have paid at least £393,957 in income tax per year."
Yeah but did they? If they're able to flee, the chances are fairly strong that they didn't though, right? (pls correct me if I'm wrong)
This isn’t as alarming as it sounds. If my wife and I left to take up permanent residence in our Spanish home, we’d be included in this number (given our pension status).
We’d be trying to get away from Farage et al and closer to the EU.
(By the way we don’t have money like ‘millionaires’)
People in this article saying monied left Britain because of its taxes; they went to Paris, Geneva, Dubai, and some of the heaviest taxed countries in the world. They left Britain because the NHS has gone to pot. Maybe they’ll return after the taxes restore it.
Have you ever met a millionaire? They are the cheapest people on the planet. Why would they stay in a broken system they helped break, when they could go to a Switzerland or Dubai, with the highest quality of life with all their money, during their end of life care. They hustled the UK.
I understand they took their businesses with them, their council taxed mansions and farmland so defiantly defended by farmers on tractors recently. And not to forget this huge income tax they paid on their income from companies registered in tax Virgin Islands and Jersey. 🤬🤷
Nonsense. The people leaving didn't pay tax in the first place, that's what non-dom means. So, that makes them bloodsuckers.
Next, if I HAVE £1m, then I'm not paying any tax on that. It's only if I EARN £1m do I pay it. Can someone explain what the loss is please?
As long as they paid tax on the source of their wealth. If that source is still generating income and it's being properly taxed. Then they free to go where they want. Is it morally right to make your money in a country then ditch it ? No, but I can't see a easy and fair solution.
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Is there anyway we can compound their action by stripping them of their nationality too?
Yeah but did they? If they're able to flee, the chances are fairly strong that they didn't though, right? (pls correct me if I'm wrong)
We’d be trying to get away from Farage et al and closer to the EU.
(By the way we don’t have money like ‘millionaires’)
Unfortunately, I'm stuck here
Next, if I HAVE £1m, then I'm not paying any tax on that. It's only if I EARN £1m do I pay it. Can someone explain what the loss is please?