Media: More Than Half of British Millionaires May Leave the Country

More than half of British millionaires have expressed the possibility of relocating to another country if the government introduces a new wealth tax. This is reported by TASS, citing Bloomberg agency and data from a survey by Arton Capital.

According to the study, about 60% of respondents believe their standard of living would improve if they moved. The leading potential destinations are the USA, followed by Canada, Australia, and the UAE. This choice is explained by low taxes and an English-speaking environment.

The Arton Capital survey was conducted from late July to early August among over a thousand UK citizens with incomes of at least 1 million pounds sterling ($1.4 million).

As Bloomberg notes, the UK Treasury Secretary Rachel Reeves is trying to close a budget gap of 20-25 billion pounds sterling ($27-33 billion). The British Treasury does not consider raising income tax, VAT, or social security contributions, but does not deny rumors of a possible wealth tax in the autumn budget.

Since April 1, the UK has implemented increased rates on a number of taxes. Specifically, authorities raised the municipality tax by 5%, increased employer contributions to the national insurance system, raised capital gains tax, and abolished the preferential tax regime for non-residents.