Inheritance tax driving exodus of wealthy Britons

Inheritance tax driving exodus of wealthy Britons

The rich are already leaving the country because of inheritance tax, experts have warned. Financial advisers have said thousands of wealthy individuals are departing Britain because of the growing tax burden, which is on track to reach its highest since the Second World War. Private wealth managers have said the wealthy are making plans to acquire domicile status in tax havens like Monaco, Switzerland and Dubai. It comes as The Telegraph is campaigning to scrap the divisive 40pc death duty. More than 50 MPs including Liz Truss and Nadhim Zahawi have joined the campaign. On Friday Lord Frost also gave his support, saying: “There’s no future for this country as a high tax, high spend socialist economy. So we need to cut spending and get the tax burden down. “Nigel Lawson when chancellor aimed to abolish one tax every year. We should have the same aim, and inheritance tax would be a good place to start.” Neela Chauhan, a private client partner at accountants UHY Hacker Young, said she had already seen wealthy people moving abroad “because they’re worried about the burden of inheritance tax”. Wealthy individuals who leave the country to escape tax typically do so in their 40s