Sometimes you can make even more money and invest in the location of your business and switching countries can make you a lot of money. For an entrepreneur switching countries can be very easy and can make you a lot of money. And also sometimes you just want to give your money to counties that welcome and like you.
That'll kill the inflow of rich people & funding into Britain. And in the process end our place as the second best place for business start-ups. The strange thing is that we tried similar in the 1970s, when Labour tried to 'squeeze the rich till the pips squeaked' with tax rates upto 98%, and give unearned pay rises to favoured public sector groups. Causing the slow collapse of capital intensive industries, 15% inflation, electricity blackouts, refuse piled high in the streets, more people leaving than entering Britain, the country being labelled 'the sick man of Europe', and a humiliating IMF rescue of the economy. Those who fail to learn from the mistakes of history are doomed to repeat them.
So every country in the world has to compete at attracting rich people? And when times are tough the ordinary person has to shoulder the burden because the wealthy living in a country cannot ever be asked to pull their weight for the good of the whole country.
@@seancidy6008 - In the UK the top 1% of earners pay 30% of all income taxes. And they pay the vast majority of capital gains tax & inheritance tax. The super rich non-doms number only 74,000 people and yet pay £9bn in tax. Meanwhile 56% of workers in the UK get more in benefits than they pay in taxes. The point is that we are already dangerously dependent on the rich and super-rich, which groups have the capital, skills & ability to easily move to other countries. Already record numbers are leaving, with Britain having the second highest departures in the world after China. If you were such a person, who got rich off by taking lots of financial risks to provide the enterprises, goods & services we all need, already heavily taxed for very little back in return, a better question is why you should accept such a burden?
@@andrewwotherspoona5722 Remember, they can only take the money once. as soon as it is gone, it is gone. No government can plan future spending based off of one off tax grabs.
You ain't seen nothing compared to what the US does to its taxpayers. I mean in the UK at least you have some healthcare in the US they force you to buy private insurance at 3x the cost of anywhere else on earth and still tax you at rates higher than or equal to the UK, then let you go bankrupt if you get sick, all while sending money to Israel, the Ukraine, and you Europeans in the form of subsidizing your defense.
UK is very good at destroying savings and saving accounts. They have obsession with taxes and taxes. Just look around and you’ll see that every single thing is taxed from Air pollution to everything around you and our earned incomes are taxed multi fold
Australia is looking at introducing an exit tax like the USA. I don't see it happening in the UK yet but I imagine they will introduce it in the future as other countries follow the USA / France. At the end of the day, the UK and Australia are the 51st and 52nd states of the USA. Whatever the USA does the UK follows. So it's just a matter of time.
If you are going to talk about taxes - or money in general - you need to be more precise. You talk quite sloppily and vaguely about the concepts you cover. Some people watching who are not rigorous will come away from this thinking they understand - but they don't. eg 1:07 you talk about income *_streams_* Do you mean that, if you resist taking dividends out of your company(s) for 5 years, you can then take them out tax-free? If so, say it like that. Calling those post-5-year withdrawals "income streams" is just confusing.
We can rule it out as these millionaires will just find loopholes around this. It’s only us plebs who can’t afford to leave the UK that will face a higher tax burden here.
U.s economy is $34 Trillion, opportunities exists still unlike the puny u.k economy, so wealth tax will mean hardly New wealth will enter u.k whereas u.s.a can still attract wealth. Big mistake for the u.k
They just made the inheritance tax in the UK residence based beginning next April, so probably will add an exit tax like most major English speaking countries.
Not sure how that works on the basis of domicile. If someone was resident in the UK but intended at some time to return to another country but had the misfortune to die beforehand, then the UK might lay claim to UK assets, but worldwide assets would be within scope of another government and whatever tax treaty is in place. This cuts both ways, a UK citizen retiring and perhaps dying abroad is often taxed under UK IHT rules unless they have severed ties and updated their domicile which is quite a high bar, particularly if property, business and investment is involved
As they leave, hand back your U.K. passport and adopt your new Country, pay tax there and don’t come back. Someone will take your place and buy your home.
they will open a bunch of impenetrable shell companies, trust funds, charity foundations, do some money magic and boom suddenly they are £1000/ annum Peasants in the eyes of the myopic law and boom before you know it they’re blasting off to a tax haven country, in a private Jet
Why would any millionaire want to continue business in the UK?
True entrepreneurs just make more money and they also reinvest what would be profits in things that will make even more money.
Because the government made it the less bad choice from a business perspective.
Sometimes you can make even more money and invest in the location of your business and switching countries can make you a lot of money. For an entrepreneur switching countries can be very easy and can make you a lot of money. And also sometimes you just want to give your money to counties that welcome and like you.
@@Michael-4They will also take money by selling the business and through dividends because that is why they started the business in the first place.
Agreed 100 %
That'll kill the inflow of rich people & funding into Britain. And in the process end our place as the second best place for business start-ups.
The strange thing is that we tried similar in the 1970s, when Labour tried to 'squeeze the rich till the pips squeaked' with tax rates upto 98%, and give unearned pay rises to favoured public sector groups. Causing the slow collapse of capital intensive industries, 15% inflation, electricity blackouts, refuse piled high in the streets, more people leaving than entering Britain, the country being labelled 'the sick man of Europe', and a humiliating IMF rescue of the economy.
Those who fail to learn from the mistakes of history are doomed to repeat them.
Good history lesson
"second best place for business start-ups. " - you've been on that designer drug and propaganda again i see...
Britain has not been great for start-ups ever... every company on your dead high streets is yank owned... just like our puppet regime...
So every country in the world has to compete at attracting rich people? And when times are tough the ordinary person has to shoulder the burden because the wealthy living in a country cannot ever be asked to pull their weight for the good of the whole country.
@@seancidy6008 - In the UK the top 1% of earners pay 30% of all income taxes. And they pay the vast majority of capital gains tax & inheritance tax. The super rich non-doms number only 74,000 people and yet pay £9bn in tax. Meanwhile 56% of workers in the UK get more in benefits than they pay in taxes.
The point is that we are already dangerously dependent on the rich and super-rich, which groups have the capital, skills & ability to easily move to other countries. Already record numbers are leaving, with Britain having the second highest departures in the world after China. If you were such a person, who got rich off by taking lots of financial risks to provide the enterprises, goods & services we all need, already heavily taxed for very little back in return, a better question is why you should accept such a burden?
Interesting.
Labour will quickly see the HMRC's revenue collapse.
Only if they don't do a proper shake down.
@@andrewwotherspoona5722 Remember, they can only take the money once.
as soon as it is gone, it is gone. No government can plan future spending based off of one off tax grabs.
They will tax anything they can.
And give it to everyone other than the British taxpayer.
@@andrewleivers7686 agree.
You ain't seen nothing compared to what the US does to its taxpayers. I mean in the UK at least you have some healthcare in the US they force you to buy private insurance at 3x the cost of anywhere else on earth and still tax you at rates higher than or equal to the UK, then let you go bankrupt if you get sick, all while sending money to Israel, the Ukraine, and you Europeans in the form of subsidizing your defense.
@@jeremyleonbarlowyeah well that’s the price of having such a gigantic military
UK is very good at destroying savings and saving accounts. They have obsession with taxes and taxes. Just look around and you’ll see that every single thing is taxed from Air pollution to everything around you and our earned incomes are taxed multi fold
Can you blame them ,get out quick this country has turned to shit
Hilarious, they'll let anybody into the country but only stop them leaving if they've got money
😂 and labour will still tell you the tories are the tax party
To paraphrase a famous PM labour are happy for the poor to be poorer as long as the rich are less rich
Marxism drags people down rather than raise them up.
yes but it shall quell the burning jealousy in my heart
When I exit the UK with my family, the assets will already be abroad and the tax man won't be able to touch them...
People just won't come back or invest in the UK any more. It's Labours desperate attempt to stop the rout they have caused.
Labour are panicking because they will have no money to spend on their chums.... I know let's hit the old age pensioners again.... Not.
Australia is looking at introducing an exit tax like the USA. I don't see it happening in the UK yet but I imagine they will introduce it in the future as other countries follow the USA / France. At the end of the day, the UK and Australia are the 51st and 52nd states of the USA. Whatever the USA does the UK follows. So it's just a matter of time.
If you are going to talk about taxes - or money in general - you need to be more precise. You talk quite sloppily and vaguely about the concepts you cover. Some people watching who are not rigorous will come away from this thinking they understand - but they don't. eg 1:07 you talk about income *_streams_* Do you mean that, if you resist taking dividends out of your company(s) for 5 years, you can then take them out tax-free? If so, say it like that. Calling those post-5-year withdrawals "income streams" is just confusing.
Taxing houses like the USA.
They already do tax houses. It’s called council tax and it’s paid for by money that has already been taxed.
Stamp duty abd council taxes exist. If you can think it, it’s being taxed in the UK.
We can rule it out as these millionaires will just find loopholes around this. It’s only us plebs who can’t afford to leave the UK that will face a higher tax burden here.
I think that now you have put this out there labour can find it and consider introducing it
U.s economy is $34 Trillion, opportunities exists still unlike the puny u.k economy, so wealth tax will mean hardly New wealth will enter u.k whereas u.s.a can still attract wealth. Big mistake for the u.k
They just made the inheritance tax in the UK residence based beginning next April, so probably will add an exit tax like most major English speaking countries.
Not sure how that works on the basis of domicile. If someone was resident in the UK but intended at some time to return to another country but had the misfortune to die beforehand, then the UK might lay claim to UK assets, but worldwide assets would be within scope of another government and whatever tax treaty is in place.
This cuts both ways, a UK citizen retiring and perhaps dying abroad is often taxed under UK IHT rules unless they have severed ties and updated their domicile which is quite a high bar, particularly if property, business and investment is involved
@@garycroft8213 the UK completely changed domicile rules for inheritance.
Not if you cross over on a dinghy to France 😏
They could tax money over an amount like 30k per year leaving tax. I beleive they did that before. Automatic on large amounts tranfered abroad.
So if I make crypto 100K can I go Dubai live there 5 year and pay no tax on the gain I made 100K ?
Millionaires have already moved their money abroad, The only wealth any government can tax is property or land
Is the exit tax for millionaires only or for everyone??
Only for the hated "rich". How much that actually means, depends on how Labour spins it, and how much more money they want.
Labour would just destroy any growth. Be faster route to 3rd world country. No investment whatsover
Then an exit tax for everyone……. Putting up a financial iron-curtain.
As they leave, hand back your U.K. passport and adopt your new Country, pay tax there and don’t come back. Someone will take your place and buy your home.
Most likely one of your lot - the great displacement is on
London Property Monetiser 💜 this vlog
go quickly to Andorra, peace, zero crime and 90% of taxes dont even exist
im going there to leave Racist rioting britain
Just register in Dubai. No tax
You should not be giving them ideas!
Tax the rich too much never worked, see Thomas Sowell re this 😮
You cant tax multimillionaires. They will ALWAYS be able to reroute their cash. Always
they will open a bunch of impenetrable shell companies, trust funds, charity foundations, do some money magic and boom suddenly they are £1000/ annum Peasants in the eyes of the myopic law and boom before you know it they’re blasting off to a tax haven country, in a private Jet
Clearly their tax evasion advisors didn't tell them how moving assetts works...
If..if...if......if your mom was a man, she would be your dad
95% exit tax seems fair