A quarter of Britain’s richest families are weighing up leaving the country as fears mount over Labour’s tax raid on private schools and speculation of further levies in next month’s Budget.
A new survey of high-net-worth individuals by wealth manager Saltus reveals widespread disillusionment among affluent households, with VAT on private school fees cited as a key factor driving many to consider a move abroad. The findings underline how sharply confidence has deteriorated among wealth creators, investors and business leaders since last year’s record tax-raising Budget.
Mike Stimpson, a partner at Saltus, said sentiment has barely recovered, and the looming November Budget risks dealing another blow. “Whether it’s capital gains tax, income tax or inheritance tax, high net worth individuals are braced for further changes at the autumn Budget given the Chancellor’s limited fiscal room for manoeuvre,” he said. “This cohort are the wealth creators, investors and employers who drive economic growth. If their confidence is undermined by continual uncertainty, that has consequences for everyone.”
The Saltus survey defines a high-net-worth individual as someone with investable assets of at least £250,000. Among respondents, one in eight said Britain was no longer a good place to start a business, while 16 per cent objected to inheritance tax reforms and 14 per cent said the UK was no longer attractive for raising a family.
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