More than half of UK millionaires in a survey signaled they’d be more likely to leave the country if the Labour government introduces a new wealth tax.
About 60% of the respondents also said that they thought they could have a better quality of life overseas, according to the survey by financial advisory firm Arton Capital.
The US topped the rankings among wealthy Britons for potential relocation, followed by Canada, Australia and the United Arab Emirates, according to Arton’s survey, indicating a desire for lower-tax environments and English-speaking countries.
Nearly half of the questioned millionaire Labour voters indicated they’d be more inclined to exit if a new levy was brought in.
The firm polled more than a thousand UK residents with a net worth of at least £1 million ($1.4 million) between the end of July and early August.
UK Chancellor Rachel Reeves is struggling to fill an estimated £20 billion to £25 billion hole in the public finances, after Labour partially reversed spending cuts such as a reduction in winter fuel subsidies and a reform of disability benefits amid a backlash from its own members of Parliament.
While she’s ruled out increasing income tax, VAT and national insurance, Reeves hasn’t quashed talk of a possible wealth tax — prompting speculation that such a policy could come in her autumn budget.
Some 82% of millionaires surveyed said they’d be interested in investing in a so-called golden visa or Citizenship by Investment program abroad.
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