The new prime minister, Labour’s Keir Starmer, could change taxes to find new rates to fund the social sector. The super rich think it’s bad.
Super-rich British businessman Basim Haider appears to have convinced himself that living in London has become an expensive ‘obsession’ that he can no longer justify. As new British Prime Minister Keir Starmer moves into 10 Downing Street, Haider is looking for homes in Greece and Monaco because proposed inheritance tax reform could make the UK a “no-go” zone for the rich, the businessman says, according to “The Guardian” newspaper. Starmer says the reform will make Britain’s tax system fairer and raise funds for public services.
While he supports some of the reforms, Haider says the proposed changes could harm the economy if foreign entrepreneurs leave or avoid visiting the UK, undermining London’s reputation as a business haven.
The recently ousted Conservative government outlined unexpected plans in March to phase out the UK’s traditional ‘non-dom’ tax system.
But ahead of his election victory on July 4, Starmer promised a new approach to remove at least some of the benefits. Non rooms. Now Hyder, Starmer and Finance Minister Rachel Reeves want to review those plans and introduce a new annual tax on people with a net worth of more than £5m. Haider estimates that a £150,000 levy could raise £4 billion a year for the public purse. “The perception that England is too good to leave is wrong,” the 53-year-old Nigerian-born Lebanese national told Reuters.
“High taxation on wealth created outside the UK, perhaps years before people move to the UK, is unfair,” he said, urging the government to sit down with billionaires. On the road And discuss tax reforms he said could put UK jobs at risk.
