More grim news for the Treasury today as a report from the Adam Smith Institute reveals the annual income tax revenue lost from high earners fleeing the country now matches the income tax contribution of over 528,000 average taxpayers. A record-breaking 10,800 millionaires packed their bags and left the UK last year to flee Reeves’ tax raid…
The report warns the revenue gap could be even greater when factoring in corporation tax, VAT, and national insurance contributions tied to those leaving. A reminder that the UK’s top 1% of earners currently contribute 29.1% of the nation’s income tax—by far the largest slice of the Exchequer’s revenue. Shadow Business Secretary Andrew Griffith sounded the alarm bell:
“Our entrepreneurs and businesses are fleeing this socialist government’s tax raid in droves. This research shows that Rachel’s Marxist maths has put the economy in real danger of drowning in Labour’s tepid bath of decline. Unless she changes course, every taxpayer will be getting soaked as a result.”
Reeves driving capital out of the UK at breakneck speed…
UPDATE: Reeves is now planning to water down her non-dom tax raid following the exodus of millionaires. She told a fringe event at the World Economic Forum that she’s prepared an amendment to the Finance Bill to increase the temporary repatriation facility, which lets non-doms bring in cash without paying heavy taxes.
Sarah Pochin at Reform Scotland’s manifesto launch event: “I really wanted to come on in a Reform tartan burka, but apparently I wasn’t allowed… One day let’s do one of these events not live-streamed. We’ll do all the naughty stuff…”