Rachel Reeves’ policies have been criticised (Image: Getty)
Rachel Reeves has been criticised as people with in the have reportedly started evacuating it for abroad after the .
The Chancellor of the Exchequer announced an increase to employers’ National Insurance contributions, an increase in the basic rate capital gains tax on profits from selling shares from 10% to 18%, with the higher rate rising from 20% to 24%.
Also included was unspent pension pots also being subject to the tax from 2027.
A survey by – an independent financial advisory and asset management organisation – has found that 42% of those with in or ties to the UK are actively now seeking to transfer their wealth out of Britain.
Instead, they are opting for “more tax-friendly” jurisdictions.
Among the most popular destinations for those reassessing their strategies are , Switzerland, , Portugal and Malaysia, research found.
The findings revealed what has been described as a “seismic shift” in attitudes toward the UK’s financial environment.
Families, business owners and investors with UK financial connections are exploring options to “mitigate the impact of the new tax landscape”, deVere reports, which includes higher capital gains and inheritance tax changes on pensions, the abolition of non-domiciled tax status, and increases in National Insurance Contributions (NIC).
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People are moving their wealth from the UK to places like Italy, surveying suggests (Image: Getty)
Nigel Green, CEO of deVere Group, said: “These measures, designed to address fiscal challenges, are perceived as a direct threat to wealth preservation and financial planning. The policies outlined in the Budget are a game-changer for anyone with financial ties to the UK.”
He went onto says that the poll shows a “remarkable increase” in the number of individuals seeking to reposition their wealth abroad.
Mr Green said that this is “not a knee-jerk reaction” but rather a “strategic response” to an environment that has become “increasingly hostile to wealth and investment”.
He added: “The abolition of the long-standing non-domiciled tax status has emerged as a pivotal concern. Historically, this status has attracted significant investment and talent to the UK, fostering a dynamic business environment.
“Its removal sends a strong signal that the UK may no longer be the tax-friendly hub it once was. For those with property, business interests, or pension plans tied to the UK, this represents a significant shift in financial risk.”
: [REPORT]
Rachel Reeves is reportedly causing an exodus of wealth (Image: Getty)
He also said: “The increase in CGT [capital gains tax] rates is set to discourage investment, while the inheritance tax changes on pensions create additional complexities for families planning to pass on wealth to loved ones efficiently.”
It has also been claimed that the measures “prioritise immediate fiscal gains over long-term economic growth”.
Mr Green added: “By imposing higher taxes on wealth and on business, the government risks driving away the very individuals and enterprises that contribute significantly to the UK economy.”
Also announced in the Budget was that inheritance tax relief for farms will be limited to £1million.
On business and agricultural assets worth more than that, there will be a 50% inheritance tax relief, at an effective rate of 20%, from April 2026.