That will be in large part because of the changes to the non-dom tax rules, where (broadly speaking) you could live in the UK, but opt out of the UK’s tax system and pay tax somewhere else where there wasn’t any tax. The people who left will largely be people who weren’t paying a meaningful amount of tax anyway.
Bingo. They’re not actually losing tax paying millionaires. This is entirely a benefit to the UK.
Also, let’s put that number in perspective. There are over three million millionaires in the UK.
That’s why you never, ever see news articles about tax changes supposedly driving away millionaires use percentages. Because if they did the headline would be that in two years the number of millionaires in the UK has shrunk by half a percent.
That will be in large part because of the changes to the non-dom tax rules, where (broadly speaking) you could live in the UK, but opt out of the UK’s tax system and pay tax somewhere else where there wasn’t any tax. The people who left will largely be people who weren’t paying a meaningful amount of tax anyway.
Bingo. They’re not actually losing tax paying millionaires. This is entirely a benefit to the UK.
Also, let’s put that number in perspective. There are over three million millionaires in the UK.
That’s why you never, ever see news articles about tax changes supposedly driving away millionaires use percentages. Because if they did the headline would be that in two years the number of millionaires in the UK has shrunk by half a percent.
3 million sounds low. I’d assume most home owners over 50 would be millionaires in 2025, or does it only count if a married couple has 2+ million?
In the UK, there are approximately 28.36 million homeowners. The average home price owned by homeowners varies, but as of July 2024, the average house price in the UK was £288,000, according to Avant Homes. - https://www.avanthomes.co.uk/about-avant/newsroom/home-ownership-statistics-for-the-uk