BUSINESSFORTUNE
Millionaires are leaving the U.K. in droves thanks to tax hikes—but the CEO of $1 billion tax platform says it’s their ‘social responsibility’ to stay
The number of UK millionaires has decreased due to tax hikes and inflation, with the Labour government and new PM Andy Burnham considering higher taxes. The CEO of Taxfix, Martin Ott, argues that wealthy individuals have a social responsibility to stay and invest in the UK despite potential tax increases.
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Adjacent reporting
- Three-quarters of UK millionaires would be happy to pay more tax, research finds
- Tax hikes and fiscal uncertainty mean Britain is less appealing to the wealthy
- Labour warned wealth tax under new leader could spark £100billion exodus from UK as rich flee
- 120 millionaires have signed a letter begging the British government to tax them more: ‘We can afford it’