The end of the super rich in the UK?

With the Labour Party almost certainly coming in, taxing more of the rich's income. Will they start migrating to different parts of the EU where they get retain more of their income?

Reply 1

tengentoppa

18

Original post by abcd1230

With the Labour Party almost certainly coming in, taxing more of the rich's income. Will they start migrating to different parts of the EU where they get retain more of their income?

Not that certain at all.

But if Labour do get in, their 50p tax will probably lead to some capital flight, but not all the millionaires are going to leave. London is still a millionaire's playground.

Reply 2

Studentus-anonymous

12

I don't remember New Labour being particularly hostile to the super-rich so I wouldn't count on any government turning on a source of prosperity for London (at least for the political class).

Hope so

Why would they migrate? They would just move their banks to offshore islands or tax-free havens, and stay situated in London. Win/win for them, and a big loss for the government, who could lose the support of the companies who fund their campaigns and projects.

Reply 5

Guybrush Sheepgood

15

People have very short memories and the conservatives will probably manipulate people into becoming re-elected even though most people (aside from the rich) are worse off now than before they came to power.

Even if Labour do get elected, don't fool yourself, they're all the same scum. New Labour are just the puppets of the rich but with different branding. The super rich aren't going anywhere.

Reply 6

Alfissti

20

90% of the super rich don't need to declare much if any at all UK sourced income, remember they are primarily wealthy due to income from a worldwide source and UK rules generally allow for some rather generous tax breaks as well as avoidance. 50p tax generally won't affect them.

Liebour has never been particularly good at clamping down on tax loopholes so life goes on. Well for the wealthiest at least. 50p is among the lowest tax brackets of any big EU country.

Reply 7

Bill_Gates

21

Original post by Alfissti

90% of the super rich don't need to declare much if any at all UK sourced income, remember they are primarily wealthy due to income from a worldwide source and UK rules generally allow for some rather generous tax breaks as well as avoidance. 50p tax generally won't affect them.

Liebour has never been particularly good at clamping down on tax loopholes so life goes on. Well for the wealthiest at least. 50p is among the lowest tax brackets of any big EU country.

This

Reply 8

Le Nombre

16

If they were that fussed they'd be living in Luxembourg or Monaco already.

As above most offshore it anyway.

Reply 9

DJKL

17

Original post by Le Nombre

If they were that fussed they'd be living in Luxembourg or Monaco already.

As above most offshore it anyway.

Having funds offshore is only really on point if the owner is not of UK domicile. Those of wealth who are UK resident and of UK domicile pay tax, or rather are due to pay tax, on their worldwide income. Where they place their savings is academic and has no bearing.

That is not to say that trusts and offshore trusts are not useful, but in these cases the funds are considered not to belong to the party in question.

International tax planning is somewhat more complicated than just depositing funds elsewhere; if it was that simple tax barristers and fellow professionals would not earn the fees they do.

Reply 10

Le Nombre

16

Original post by DJKL

Having funds offshore is only really on point if the owner is not of UK domicile. Those of wealth who are UK resident and of UK domicile pay tax, or rather are due to pay tax, on their worldwide income. Where they place their savings is academic and has no bearing.

That is not to say that trusts and offshore trusts are not useful, but in these cases the funds are considered not to belong to the party in question.

International tax planning is somewhat more complicated than just depositing funds elsewhere; if it was that simple tax barristers and fellow professionals would not earn the fees they do.

I was typing quickly at work, in a law firm, I get the details, but it's pretty standard to describe those techniques as 'offshoring'.

Reply 11

DJKL

17

Original post by Le Nombre

I was typing quickly at work, in a law firm, I get the details, but it's pretty standard to describe those techniques as 'offshoring'.

You must therefore be grateful international tax planning is not simple, it keeps the fees rolling in. :smile:

Reply 12

Truths

15

Lol no. Every single major party is amenable to the rich. Regardless of who wins, the rich will be protected.

Reply 13

sdotd

17

lets hope labour don't get in
this country will be down the pan

england is a right wing country but scotland and wales will probably see labour into parliament

Reply 14

anarchism101

17

Original post by abcd1230

With the Labour Party almost certainly coming in, taxing more of the rich's income. Will they start migrating to different parts of the EU where they get retain more of their income?

Like where? Most EU countries have similar or higher top income tax rates. Those that have noticeably lower rates are generally in Eastern Europe, where the businesses in question would have to cope with lower quality infrastructure and poorer customers.

Reply 15

Nogoodsorgods

9

Original post by nohomo

Hope so

Why? Are you so naive or so bitter or so hypocritical (or so lazy) that you can't bear anyone to have significantly more money than you en masse, regardless of how they obtained / earned it?