The Media 'Manufactured' Millionaire Exodus from UK, Campaigners Tell IPSO
Posted by robtherobber 1 day ago
Comments
Comment by roryirvine 1 day ago
The other big datapoint used to justify the idea of a "millionaire exodus" is the relatively soft super prime property market in London.
But, again, the reality is that many of the former super prime buyers were either non-dom (ie. not tax resident) or were buying through offshore trusts or other tax-avoidance mechanisms. They've tended to be replaced by a younger set of "lifestyle-led" buyers who are more interested in London as a (relatively!) stable, secure global base rather than just as a convenient set of tax loopholes.
So we're replacing tax dodgers with tax payers, and British society as a whole is probably better off as a result - even if the individuals themselves do have lower total net worth than their predecessors.
Comment by t0mpr1c3 16 hours ago
Who cares if the millionaires did leave? I expect most of their money is held by shell companies in the Isle of Man, Guernsey, Bermuda, Turks and Caicos, BVI, and other tax havens that Britain hasn't got around to regulating yet.
Comment by robtherobber 33 minutes ago
The point, I argue, is not just the leaving aspect, which is obviously untrue. It's the fact that without taxing them, they tend to meddle in politics and turn a reasonably good society into a social and political chaos. By taxing them we, the society, exert a form of very necessary political control whilst also funding essential services that make life liveable for the individuals.