Is an exit tax coming for millionaires leaving the UK?

I revamp of France's exit tax is on the cards, is this the start of something to be concerned about in Western Europe.

It's clear that there are a large number of wealthy individuals leaving the UK and this ultimately means losses to tax revenue, to curb this could we see the introduction of an exit tax in the UK?

My view is that it's certainly a possibility and for those looking to escape, you should do so whilst you still can.

[Benzknees]

That'll kill the inflow of rich people & funding into Britain. And in the process end our place as the second best place for business start-ups.

The strange thing is that we tried similar in the 1970s, when Labour tried to 'squeeze the rich till the pips squeaked' with tax rates upto 98%, and give unearned pay rises to favoured public sector groups. Causing the slow collapse of capital intensive industries, 15% inflation, electricity blackouts, refuse piled high in the streets, more people leaving than entering Britain, the country being labelled 'the sick man of Europe', and a humiliating IMF rescue of the economy.

Those who fail to learn from the mistakes of history are doomed to repeat them.

[strongerandwiser]

Why would any millionaire want to continue business in the UK?

[well-blazeredman]

Interesting.
Labour will quickly see the HMRC's revenue collapse.

[graemejones]

Hilarious, they'll let anybody into the country but only stop them leaving if they've got money

[walkaz]

😂 and labour will still tell you the tories are the tax party

[michaelbritain]

When I exit the UK with my family, the assets will already be abroad and the tax man won't be able to touch them...

[johnblowes]

Can you blame them, get out quick this country has turned to shit

[intothemultiverse]

To paraphrase a famous PM labour are happy for the poor to be poorer as long as the rich are less rich

[danguee]

If you are going to talk about taxes - or money in general - you need to be more precise. You talk quite sloppily and vaguely about the concepts you cover. Some people watching who are not rigorous will come away from this thinking they understand - but they don't. eg 1:07 you talk about income *_streams_* Do you mean that, if you resist taking dividends out of your company(s) for 5 years, you can then take them out tax-free? If so, say it like that. Calling those post-5-year withdrawals "income streams" is just confusing.

[bigfisher]

Australia is looking at introducing an exit tax like the USA. I don't see it happening in the UK yet but I imagine they will introduce it in the future as other countries follow the USA / France. At the end of the day, the UK and Australia are the 51st and 52nd states of the USA. Whatever the USA does the UK follows. So it's just a matter of time.

[rocketman]

We can rule it out as these millionaires will just find loopholes around this. It’s only us plebs who can’t afford to leave the UK that will face a higher tax burden here.

[AlexParkYT]

They don't really allow you to make money and if you do they don't even let you keep most of it unless you have the "right" connections of course.

[johnDudley-enqr]

I think that now you have put this out there labour can find it and consider introducing it

[DerekTomlinson-dz]

Image in my mind: How ironic they want to tax people leaving the UK and giving up their citizenship and want to tax citizens more who are staying in UK for illegal immigrants entering the UK. What's wrong with this picture. Being a citizen is obviously now a liability.

[Kelly-qyyr]

Is the exit tax for millionaires only or for everyone??

[jeremyleonbarlow]

They just made the inheritance tax in the UK residence based beginning next April, so probably will add an exit tax like most major English speaking countries.

[ahmedali-xqvl]

So if I make crypto 100K can I go Dubai live there 5 year and pay no tax on the gain I made 100K ?

[allykhan]

U.s economy is $34 Trillion, opportunities exists still unlike the puny u.k economy, so wealth tax will mean hardly New wealth will enter u.k whereas u.s.a can still attract wealth. Big mistake for the u.k

[johnswift]

They could tax money over an amount like 30k per year leaving tax. I beleive they did that before. Automatic on large amounts tranfered abroad.

[Phucket]

Millionaires have already moved their money abroad, The only wealth any government can tax is property or land