Labour think tank calls for UK exit tax
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- เผยแพร่เมื่อ 27 ก.ย. 2024
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There are calls from a Labour think tank to introduce an exit tax on individuals leaving the UK and relocating overseas, this would act as a deterrent to stop people leaving the UK.
It would likely work on a capital gains tax basis, where all of your UK assets are taxed at the date you cease to be UK resident with the tax due on that date.
Whether it comes in this budget we will see on 30th October.
The suggestion alone is a warning siren,run.
Shows they have no confidence in themselves.
The UK has become a prison just without the bars.
Not bars, pubs. Plenty of pubs.
@@jdm9987 😆
@@jdm9987not for long. Theyll ban smoking in gardens and a lot of the customer base will just drink at home leading to more closed pubs and more unemployed 😂
Most countries are as immigration is frowned upon
How would HMRC enforce non-payment of it if you’ve moved abroad?!
Tax agreements with other countries
Accountants/lawyers processing any transaction probably under a professional duty to declare it on any paperwork, unfortunately.
Fleeing next month to texas. Im middle class. As soon as i have my citizenship I’ll be giving up my british one, im proud to be british but not proud enough to keep getting robbed by my government over it.
“The uk is a good place to invest” it’s so good the government has to strong arm people into staying as its actually a bad place to be😂.
Your American citizenship will ensure American tax follows you around the world. Far more draconian than a uk exit tax.
@@ABCDefpaco until i give that up if i was to ever leave. But as it stands texas is by far and away the best place for me.
You will pay an expatriation tax upon relinquishing US citizenship.
You are much better off just keeping a rolling US visa.
Seems illogical to announce it a year from now as then 'the rich' will just leave before then and have a whole year to do so.
It takes so long to sell property, especially if there are tenants, that 12 months is nowhere near enough
@@jackmetcalfe8542 Sure. But property is only one asset class. Also it’s possibly go setup a trust to exclude it from your direct ownership. Lots of ways around it, especially with a full year to prepare
Answer is BTC. Or just spend all, drant lady beer in airport and leave.
Makes sense that the "Get out of jail (Britain)" card will start costing a bit of money.
If I left the country some time next month, at which point in time will I actually be considered a non-uk tax resident?
You can do a "split year treatment". Get a tax reference from your new place and notify HMRC and then from that date on you are non resident as long as you stay away I think for one year. There is an HMRC click through here to work out your residence status. www.gov.uk/tax-foreign-income/residence
Not tax or legal advice, but worth reading up on HMRC's Statutory Residence Test, and "split years".
For the purposes of playing it safe, assume you will be non resident from the next tax year after you left.
@@ABCDefpaco I left the UK on 3 April, and am counting UK days and ties carefully from here on in.
Tax is ROBBERY.
If you are over 183 days in a UK tax year you will still be liable for uk tax for the rest of that year even if you leave. You must get help from an accountant and/or lawyer when leaving so you become a non UK resident and no longer tied to the UK
Who dresses this guy? Ricardo Montalban?
I thin he is really nicely dressed.
BREXIT has made us all financial prisoners of the U.K.
Not true.
In what way?
@@Benzknees we could chose to live anywhere in the EU, now if we want to move out of the UK -= UK exit tax + VISA for country you wish to live in to escape our own goverment
Would this still apply if you’ve paid the CGT already on selling an asset - so you get taxed twice? Once when you sell, and again when you want to leave the country? Or would you not have to pay the exit tax on cash you have?
Already left ...and so have thousands of businesses and entrepreneurs
Is Gavin Newsom advising them now.
So if they bring this in from April 2025 and you leave UK within that year 25/26 and become tax resident in UAE for instance then will you still get caught in the net even though you would not be doing a tax return in that financial year 25/26 ??
You would be doing a tax return for that year. The only way you wouldn't is if you've left before the start of the tax year. Ie before April 25.
What would happen to people who have already left the UK but still own property in UK? I.e. British citizens who live and work overseas, but own investment property in UK?
They’ll find a way to tax all citizens regardless of where the citizen is.
Question : with CGT )shares) - come into immediate effect or likely be the next tax year ?
My guess is immediately - from 20% up to 30/35%
That'll kill foreign direct investment stone dead, and ensure business & start-ups are starved of capital. Along with the abolition of zero hours contracts, it'll cause unemployment to soar. And the tax base to collapse.
And tank the property market and cause people to stop renovating properties. I can’t believe they’re even considering this.
Jog on. Off you pop.