Millionaires are looking to flee the UK in their droves to escape Labour's tax raids - with a record number of wealthy Britons tipped to leave the country this year.
One tax adviser, who asked to remain anonymous, said: 'I almost feel like I should contribute to the Labour Party because of what they've done for our business.'Keir Starmer gave a gloomy speech in the garden of 10 Downing Street on August 27 'This is actually a project of hope,' he said, despite warning that the upcoming autumn budget will be 'painful'. 'But it's got to start with the hard yards of doing the difficult stuff, of clearing out the rot first.'
Charlie Mullins, the founder of Pimlico Plumbers, who has already left the UK for Spain, said it is 'a typical socialist money-grab'.He added: 'People will pay over the odds to live in their native country, but even the most loyal Brit will abandon ship if the environment becomes too hostile.' The gain made is taxed, rather than the amount of money received, and it must be paid on a series of 'chargeable assets'.
Current rules mean there is normally no inheritance tax to pay if either the value of your estate is below the £325,000 threshold; or you leave everything above this mark to your spouse, civil partner, a charity or a community amateur sports club. The Resolution Foundation think tank previously said this could be set at £100,000, suggesting the current setup mainly benefits those with high disposable income.
'Judging by how busy we are, it is a concern for absolutely everyone,' Mr Ferrigno said. 'It is the difference between having enough money to retire or not having enough money to retire. forcing their hand'. 'Ever since Rachel Reeves started talking about a 'fiscal black hole', my wealthy UK non-dom and domiciled clients have been looking anxiously at the exit door,' he said.
Mr Porter said he had received an influx of calls from wealthy families planning to relocate outside of the UK ahead of the autumn Budget. He said: 'Families with large pensions or investments in shares are feeling under threat and interest in moving abroad is ramping up every month.