Overview

• Claims of a millionaire 'exodus' from the UK following Labour's tax changes are disputed, with critics calling the numbers exaggerated and fear-mongering.
• High net worth individuals are often less mobile than perceived, with much of their wealth tied to immovable assets like property, making them easier to tax effectively.
• Proposals for wealth taxes, including a 1-2% levy on assets over £10m, have gained support from groups like Patriotic Millionaires UK but face opposition over implementation challenges.
• Chancellor Rachel Reeves is softening non-dom tax changes to address concerns over economic growth, extending tax-free periods and clarifying inheritance tax rules.
• Experts remain divided, with some advocating for alternative measures like increased capital gains tax, while others warn of potential long-term economic damage from deterring wealth creators.