Plans for ‘settling-up charge’ predicted to raise £2bn and would follow policy in place among most G7 countries
Rich people quitting the UK could be required to pay a 20% tax on their business assets as part of plans reportedly being considered by the chancellor, Rachel Reeves.
The Treasury has drawn up plans for a “settling-up charge” on assets; a move that would bring the UK into line with most other G7 nations and raise a predicted £2bn for the public coffers, according to the Times.
While expat status does not provide an exemption from 20% capital gains tax on the sale of UK property and land valued at £6,000 or more, it does on the sale of some other assets, such as shares in many companies.
Under the new plans, the 20% charge would be levied on the value of these assets when exiting the country.
