Would Some Of The Rich Really Turn Themselves Into...

[sandyRoe]

... economic migrants in order to save on their tax bills?

Of the three possible destinations mentioned, Dubai and Florida don't seem very attractive, thought Paris is .

Would you give up the luxurious lifestyle that great wealth could afford in the best city in the world, London, in order to save a few pounds?

https://www.standard.co.uk/business/millionaires-leave-uk-rich-high-net-worth-china-dubai-uae-florida-usa-dubai-henley-b1165154.html

[ToraToraTora]

Of course they would.

[barry1010]

9500 have already left so obviously many would. They don't get to be rich by frittering away their wealth. The two extremely wealthy families I know are tighter than Scrooge

[ToraToraTora]

Err indoors and I were discussing what to do this week. Obviously the EUSSR is out but there are a lot of other places. What with the IHT and CGT plans that appear to be on the horizon I am seriously considering moving.

[bhg481]

Those who worship the great god Money will do anything to keep it, even if they have more than they have any use for except showing off and will do anything to keep it. Personally if I was told I could live tax-free in London I wouldn't move there.

[davebro3]

//the best city in the world, London,//

Wrong category Sandy - should be in Jokes🤣🤣🤣🤣

& yes - they will leave.

[ToraToraTora]

I think he means Londonistan.

[Peter Pedant]

God I havent looked at tax rates in other countries. HMRC is bad enough

and yes some of the super rich do... ( tax exiles have been around for a long time)

[wolf63]

TTT, moving abroad to avoid UK taxes?  That sounds a bit anti-British.😂 

You do realise that some ABers could use that as ammo against you?

I, honestly, can't think of a country that I would consider moving to.  

 

[Peter Pedant]

What with the IHT and CGT plans that appear to be on the horizon I am seriously considering moving.

so garbled, I really thought he was going to move to the USSR ( that was) - - well it IS TTT !

or South Africa

[Peter Pedant]

agreed Wolfie - there is greed all around  us, even er on AB !

[Peter Pedant]

The two extremely wealthy families I know are tighter than Scrooge

um that is why er they are rich isnt it?

[ToraToraTora]

wolf: "TTT, moving abroad to avoid UK taxes?  That sounds a bit anti-British.😂 " - I pay and have paid huge amounts in tax all my life but if it gets out of hand then I reserve the right to not pay it at all. There is no one more patriotic than me but my country is being taken away by a generation of trobiscites and real labour are the the cherry on the cake. Sometimes those in love still divorce.

[wolf63]

TTT,  I don't agree with your reasons for wanting to move but respect that you feel it is a viable option.

 

[barry1010]

That was my point, PP

[sandyRoe]

It's a sad reflection on our times that some who bray the loudest about their patriotism appear to love Mammon more than their fatherland.

T3,  where would you consider for your exile?

[ToraToraTora]

The problem is that the left use tax as a weapon against those it hates. Their decisions are not based on economics. Invariably their tax rises lead to an overall reduction in tax receipts leading to a vicious circle. Here's why...rich(ish) people spend money, that money will end up as tax. Eg recently I have spent approx £10k on the house, not a lot but that money went to tradesmen, they where taxed on it, spent it on things and invariably most of it will end up at the treasury. Now if I'm not in the country they ain't getting that £10k. Now really rich people employ staff, they pay tax and they spend their money all ends up at the treasury. Now if you force them out that money goes elsewhere. So as demonstrated this week trying to hammer the rich just hammers the poor as the rich leave and the poor have to pay more. Labour and socialists have never been able to grasp that.

[barry1010]

Never mind.  We may be swapping our millionaires for elderly ex-pats forced to return from Spain

https://www.theolivepress.es/spain-news/2024/09/07/british-pensioners-in-spain-are-warned-of-ticking-time-bomb-over-depleting-volunteer-care-workers/

[Old_Geezer]

Everyone is an individual, some will, some won't, some say they will but will think better of it. The more they accept they've been successful and are interested in helping the nation and others, the more they're likely to stay; whereas the more they are infatuated with their net worth the more likely they are to say, "Beggar my nation, why should I care who I took wealth from earlier?", and run away. Well as long as they leave their mansion here and don't move that with them.

[nicebloke1]

Yep they start businesses here many with large grants from the British government, then when making a tidy profit avoid tax by claiming the profit was made by their over seas companies. Get real for gods sake its been going on for years.

[david small]

Though I have paid obscene amounts of tax, I'm not going anywhere. I have considered other countries, and to me they are found wanting. I love my birthplace, and through thick and thin this is where I will stay. One day to join my ancestors.