During the past decade, Britain has established itself as a desirable home for the world’s wealthiest individuals who wish to take advantage of a tax code that essentially ignores off-shore income.
Yet, a new survey of Britons by Lloyds TSB International Wealth shows that 17% of people (nearly 1 in 5) with over $380,000 in savings and investments are looking to move out of Britain within the next two years, says the Wall Street Journal. Main concerns expressed are increases in crime and taxes.
With regards to crime, the August riots that overtook much of London and other British cities have sparked a desire to escape from “anti-social behavior.” Nearly 61% of respondents identified crime as the main reason they want to leave.
Approximately 42% identified higher taxes as a significant reason as well. The top marginal tax rate in the U.K was increased from 40% to 50% last year, starting a debate about the government scaring away job creators. According to the survey, the top 3 locations Brits hope to relocate to are France, Spain and the U.S.
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