Government plans to tax the foreign super-rich will be counter-productive as tax revenues will fall and UK investments will be sold, a research report by the Society of Trust and Estate Practitioners has claimed.
STEP says in the report that more than half of the UK's mega-wealthy non-domiciled residents are leaving the country and making plans to sell their UK investments.
'For the first time we can confirm that wealth generators are preparing to leave the UK in significant numbers. We now know wealthy foreigners invest between £75bn and £125bnin the UK and pay £7.16 billion in tax,' said Keith Johnston, STEP’s director of policy and the author of the study.
Non-domiciled individuals pay £7.16bn in tax, according to STEP.
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