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roryirvine 18 hours ago [-]
The other big datapoint used to justify the idea of a "millionaire exodus" is the relatively soft super prime property market in London.
But, again, the reality is that many of the former super prime buyers were either non-dom (ie. not tax resident) or were buying through offshore trusts or other tax-avoidance mechanisms. They've tended to be replaced by a younger set of "lifestyle-led" buyers who are more interested in London as a (relatively!) stable, secure global base rather than just as a convenient set of tax loopholes.
So we're replacing tax dodgers with tax payers, and British society as a whole is probably better off as a result - even if the individuals themselves do have lower total net worth than their predecessors.
t0mpr1c3 10 hours ago [-]
Who cares if the millionaires did leave? I expect most of their money is held by shell companies in the Isle of Man, Guernsey, Bermuda, Turks and Caicos, BVI, and other tax havens that Britain hasn't got around to regulating yet.
But, again, the reality is that many of the former super prime buyers were either non-dom (ie. not tax resident) or were buying through offshore trusts or other tax-avoidance mechanisms. They've tended to be replaced by a younger set of "lifestyle-led" buyers who are more interested in London as a (relatively!) stable, secure global base rather than just as a convenient set of tax loopholes.
So we're replacing tax dodgers with tax payers, and British society as a whole is probably better off as a result - even if the individuals themselves do have lower total net worth than their predecessors.