The CEO of an organisation representing individual investors, advisers and businesses has called for an Italian-style flat tax for investors.
Leslie McLeod-Miller warned about changes to the non-dom tax regime, which is being altered so wealthy individuals have to pay UK tax on overseas wealth.
McLeod-Miller said: “If you look internationally, what are governments doing?
“They know they need to drive growth in their countries and so they are saying ‘come to me, come to me,’ which is what Trump did with his golden visa.
“Overall, people would be prepared to pay a premium for staying in the UK.”
The Office for Budget Responsibility has warned that “migration is assumed to be a significant behavioural response for non-domiciled taxpayers.”
The Reform Party has touted the idea of a Britannia Card, with a one-off payment of £250,000.
McLeod-Miller warned: “If more people leave, the only thing left for the government to tax will be ordinary working people.”
Separate speculation around a wealth tax is also spooking investors.
McLeod-Miller said: “We are urging the Chancellor to confirm there will not be a wealth tax. So far, she has refrained from doing so but that is a dangerous thing. Historically, it’s clear that wealth taxes simply don’t work.”
