Number of super-wealthy in UK at record low levels as Brexodus continues

al sahawat times brexodus
  • By Amira Bakr

Number of super-wealthy in the UK at record low levels

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In 2016, they year of the Brexit referendum there were 98,500 super-wealthy paying a total of £9.5 bn in income tax.

By early 2019 this number was below 78,300 with their tax contributions down to less than £7.5 bn.

The UK HM Treasury relies heavily on such taxes which are expected to fall even heavier after October.

International law firm, Pinsent Masons’ senior tax manager, Josie Hills explained that the Brexodus was caused by Brexit:

“If the UK is no longer an attractive place for them, then they can easily relocate.”

A large number of big businesses have either collapsed or relocated since the 2016 vote, which often causes their owners to collapse or relocate also.

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About the Author

Amira Bakr
Journalist Since: September 2010 Profession: Investigative Journalist Graduated in: 2008 Based in: London, UK Previous professional experience: New York, Moscow, Dubai, Beirut Languages: English, Arabic, Russian, French