Wealthy Flee Tax Hike Fears
This is a Britain news story, published by Telegraph, that relates primarily to Rachel Reeves’s news.
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Wealthy individualsTelegraph
•Top earners and entrepreneurs already fleeing Britain over tax raids
66% Informative
Wealthy individuals and entrepreneurs are already fleeing Britain as fears grow over a raft of tax rises in Rachel Reeves’s first Budget .
Experts warn that the Chancellor risks ruining hopes of faster economic growth with a widely expected increase in capital gains tax ( CGT ) Italy , the United Arab Emirates (UAE) and Switzerland are among the most popular destinations.
Fears of a tax raid among Britons who own businesses, property and other assets have intensified over the summer .
Gains made from selling a business are currently taxed at 20pc but many investors are concerned that Labour will seek to equalise these rates with income tax.
Entrepreneurs have started to draw up emergency plans to quickly take money off the table before any tax increase hits.
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