The War On Wealth Is Accelerating - And British Taxpayers Are Heading For The Exits

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The War On Wealth Is Accelerating - And British Taxpayers Are Heading For The Exits Authored by Kelly Caro via International Man,According to P85 forms (the paperwork you file…

According to P85 forms (the paperwork you file when you tell the taxman you're gone), almost 69,000 taxpayers told HMRC last year they were done with the nonsense and leaving Britain for good.

These are the productive, the mobile, and the solvent. They ran the numbers on the British "tax deal" and concluded, quite rationally, that rape wasn't for them and they could do better elsewhere.

When a country's most capable citizens start voting with their passports, look at who benefits from making them go.

Since the last general election, the Treasury has reached for nearly every lever on the panel. Each one was sold as modest, targeted, and fair. But when added up, they're a sustained assault on anyone who saves, builds, employs, or plans for the next generation.

Not one of these measures taxes unbridled consumption, speculation by the connected, or the state's own bloated overhead. Every one of them taxes accumulation: the people who turn income into capital and capital into jobs. It's an assault on the entire mechanism of what makes a society productive and wealthy.

A government looking to grow the economy would do the opposite. But a government looking to manage decline, and make the population more dependent on it, would do exactly this.

The non-dom changes are the clearest case of a government mistaking a global market for a captive one.

Under the old regime, new arrivals got preferential treatment on Income Tax and Capital Gains Tax for up to 15 years. That window's been cut to four. Inheritance Tax went from 15 years to 10.

These are, by definition, the most mobile taxpayers on earth. They already live across borders. Their advisers already have files open in Hong Kong, Zurich, Dubai, Cayman, and Singapore. Italy and Switzerland are openly marketing competitive regimes to exactly this crowd... and they're winning.

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