The U.K.'s Millionaire Expat Exodus
Taylor Swift wrote 'So Long, London' after a breakup with a Brit, and the city's wealthy expatriates may be humming along as they pack their bags. Evidence continues to emerge that the Labour government's tax increases are driving valuable taxpayers out of the United Kingdom.
Chancellor of the Exchequer Rachel Reeves unveiled a budget last autumn that penalized wealthy foreigners for committing to a long-term relationship with the U.K. Gone were provisions that had shielded overseas earnings and estates from British inheritance, income and capital-gains taxes.
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