[Jimbuna]

It would appear that 'Rachel from Accounts' has shot herself in the foot yet again.

UK's exodus of millionaires 'same as losing 500,000 average taxpayers'

The exodus of millionaires from Britain last year was equivalent to losing half-a-million average taxpayers, a new analysis has found.

Figures from New World Wealth, a global analytics firm, showed 10,800 liquid millionaires - who hold more than $1million in liquid assets - left the UK in 2024.

In their analysis of the research, the Adam Smith Institute found each of these millionaires would have been paying at least £393,957 in income tax.

This equates to the same income tax take as 49 average taxpayers - who each have an average income tax bill of £8,048, the think tank said.

It means - due to the exodus of millionaires - the Treasury is now facing a shortfall in income tax revenue equivalent to the income tax taken from 528,000 average taxpayers, the analysis added.

Chancellor Rachel Reeves' tax-hiking Budget was blamed for millionaires abandoning Britain, including Labour's plans to abolish the non-dom tax regime.

The Adam Smith Institute said the UK had an 'increasingly hostile attitude' towards wealth creation and warned average families could face even higher tax bills to fund public services.

The Tories claimed entrepreneurs and businesses were fleeing Britain 'in droves' under Labour, who they accused of overseeing a 'tepid bath of decline'.

It has previously been found how the top 1 per cent of income tax payers stump up 29.1 per cent of the UK's income tax, which is the Treasury's biggest source of tax revenue.

According to the research by New World Wealth, conducted together with investment migration advisers Henley & Partners, only China lost more millionaires than the UK in 2024.
https://www.msn.com/en-gb/money/othe...c714df45&ei=42