UK’s tougher stance on billionaires and sovereign wealth ‘risks further flight of super rich’
The UK taxman is to get up close and personal with more than 200 billionaires it has identified with a financial footprint in the UK, as authorities show little sign of trying to lure the wealthy back to Britain . The HMRC tax authority announced in the wake of Wednesday’s budget that it is allocating a Customer Compliance Manager (CCM) to every identified billionaire as part of a crackdown…
The UK government plans to increase scrutiny on wealthy individuals and state-owned firms, potentially raising £500 million through enhanced tax measures. Chancellor John Healey's budget announced the appointment of Customer Compliance Managers for each identified billionaire, aiming to close the "wealthy tax gap" of £3.6 billion in 2024-25.
This comes as the UK has received praise for fiscal discipline from the International Monetary Fund. The government also plans to levy a 15% tax on the UK real estate portfolios of sovereign wealth funds, expecting to raise about £700 million by 2029-30. Experts warn that these measures may deter investment and lead to a "further flight of super rich" from the UK.
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