"Even a Billionaire Who Paid 586 Billion Won in Taxes Has Left"... Britain's Wealthy Head Abroad Amid Tax Hike Fears

Growing “Britain exit” Trend After Tax Reforms
Confidence in UK Economy Down 10 Percentage Points in a Year

Three in 10 wealthy Britons are considering moving abroad amid concerns about tax increases and economic uncertainty. As billionaires have increasingly relocated overseas following tax reforms by the Labour government, a broader exodus of the wealthy from Britain is taking shape.

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On October 13 local time, the British daily The Times reported that three in 10 wealthy Britons are considering moving abroad. In a survey of 2,000 wealthy individuals by wealth management firm Saltus, 8% of respondents said they were actively considering leaving the UK permanently, while 22% said they might move abroad in the future. The survey covered adults with at least £250,000 (about 44.431 million won) in investable assets, excluding residential property.

The wealthy's confidence in the UK economy has fallen. The share who said they trusted the UK economy was 56%, down 10 percentage points from 66% a year earlier. Forty percent of respondents said they were concerned about the impact of future tax reforms on their assets.

The Labour government's tax reforms are cited as a factor fueling the wealthy's concerns. The UK government abolished the existing non-dom tax regime and overhauled the tax rules for foreign income and gains from asset disposals. It also removed some inheritance tax benefits that applied to offshore trusts. With forecasts that further tax increases could be announced in the autumn budget, concerns about taxes among the wealthy are growing.

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There have been a series of cases of billionaires leaving the UK. Hedge fund mogul Chris Rokos reportedly moved his tax residence to Greece last month. He was the UK's third-highest taxpayer last year, paying £330 million in tax (about 586 billion won).

Businessman Peter Wood also moved his residence to Florida in the United States last year. His wealth is estimated at £795 million (about 1.4121 trillion won). Before that, Lakshmi Mittal, founder of global steelmaker ArcelorMittal, and Egyptian billionaire Nassef Sawiris also left the UK.

Countries across Europe are seeking to attract wealthy individuals by offering tax breaks. In Greece, wealthy individuals who transfer their tax residence there and meet certain requirements can pay a flat annual tax of €100,000 (about 156.59 million won) on foreign income.

Peter Hargreaves, co-founder of UK investment platform Hargreaves Lansdown, warned: "The wealthy already pay substantial taxes. If you keep increasing their tax burden, they will eventually leave the UK."

This content was produced with the assistance of AI translation services.