<\/p>\n
Money talks: wealthy individuals are unhappy at tax levels<\/p>\n
More than six in ten millionaire investors say they may leave the UK because of concerns over taxation, according to new research.<\/p>\n
The study of 341 high net worth individuals, found that 61% have considered becoming non-UK tax resident. <\/p>\n
Wealth Club\u2019s research found 16% of respondents are actively considering leaving the UK. The estimated average wealth of those surveyed was around \u00a34.5m.<\/p>\n
This week it was revealed that billionaire hedge fund manager Chris Rokos, Britain\u2019s third-largest taxpayer, will leave the UK for Greece, having paid having an estimated \u00a3330 million in tax last year.<\/p>\n
Lakshmi Mittal, the steel billionaire, Nassef Sawiris, Egypt\u2019s second-richest man, and Guillaume Pousaz, the billionaire founder of Checkout.com, have departed the UK after the government ended the non-dom tax regime.<\/p>\n
Respondents to the Wealth Club\u2019s study had overwhelmingly built their own wealth. Just 2% said inheritance or family wealth was the main source of their wealth. <\/p>\n
Around 12% accumulated most of their wealth by starting a business, 11% through self-employment, 40% through employment earnings and a further 33% through successful investing.<\/p>\n
The Wealth Club research is supported by recent analysis of official data showing the number of UK millionaires has fallen to 442,000 \u2013 the lowest level since 2007 and around 7% lower than a year earlier.<\/p>\n
While some of the decline reflects weaker asset prices, many commentators believe an increasing number of wealthy people are choosing to leave the UK.<\/p>\n
The survey highlights why so many wealthy investors are uneasy. Almost all (97%) believe taxes will definitely or probably increase over the next 12 months, with more than half (53%) convinced tax rises are inevitable.<\/p>\n
Inheritance tax is the tax rise that concerns respondents most (22%), followed by wealth taxes (21%) and capital gains tax (18%).<\/p>\n
Almost half (47%) identified higher taxes as the single biggest threat to their wealth, while a further 26% cited government policy. Together, these ranked well ahead of inflation, market volatility and geopolitical events.<\/p>\n
\t #ten #millionaires #exiting #tax #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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