Survey: three in ten wealthy Britons consider leaving UK over tax

A survey by wealth management firm Saltus suggests around three in ten wealthy Britons are considering leaving the UK because of tax concerns. The finding was discussed in broadcast coverage that set the survey against official figures and personal accounts of departures.

The tax fears cited include possible wealth taxes, exit taxes and retrospective changes. The debate also pointed to the end of the non-dom regime, first tightened by Conservative chancellor Jeremy Hunt and then made tougher by Labour. Over the past three years, one in three people on the Sunday Times rich list of foreign wealthy residents have left Britain, according to one claim. Lakshmi Mittal was named as an example.

Official HMRC figures were used to challenge the scale of any exodus. One contributor said the number of wealthy non-doms had dropped by 0.5%, and that around 24,000 millionaires had left, about 1% of the total. The same contributor argued that the story was repeated so often that people believed it was bigger than the data showed.

Others argued the losses matter because a small number of wealthy people can pay huge amounts of tax. It was claimed that four or five wealthy individuals collectively paid about £1bn in tax two years ago. Chris Rokos was said to have paid £330m in tax and to be worried about an exit tax or wealth tax. His firm employs other wealthy, successful people who are also said to be relocating. Private pensions being brought into inheritance tax was cited as an example of retrospective tax changes.

In a separate discussion, the focus was on the super-rich, including millionaires, billionaires and entrepreneurs. It was claimed that 16,500 wealthy people had already left in 2025. Charlie Mullins was named as having left, and the Desmond family, owners of the Express Group, were said to have gone to Dubai. One contributor said many wealthy people were leaving because they did not like paying tax and were reorganising their finances. Another said the UK still attracts wealthy arrivals, including Americans leaving the United States under Donald Trump.

The debate also covered what the wealthy contribute. A person earning £1m a year was said to pay £450,000 in income tax and national insurance, with VAT on spending possibly taking the total returned to the Treasury to £600,000 or £700,000. Supporters of lower taxes for the wealthy said they create jobs and growth, and warned that young entrepreneurs see no future in the UK. Critics said the people leaving are often multi-billionaires with homes around the world, not small business owners, and that the country should look at welfare and tax fraud instead.