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It's been announced that the UK top tax rate is to go up to 50%! Also taxes on tobacco and alcohol are going up!

Will this top tax increase cause an exodus of the rich out of the UK?

With this increse, I heard that the UK will have the highest top tax rate the in the world, next to Italy.

I also heard that this tax, if fully collected, will only generate a million Pounds a year (a drop in the bucket?).

This article says 2/3 of the highest earners may dodge paying this tax anyway:

http://www.telegraph.co.uk/news/newstop ... -rate.html

There you go!!!

Sorry, I meant to say a BILLION Pounds a year in the 5th line!

I believe your numbers are rather inaccurate.

sage & onion wrote:I believe your numbers are rather inaccurate.

If you mean the billion pounds a year, I heard that, and the bit about Italy, on a BBC Radio discussion last night. Sorry I can't give you a link to that!

Anyway, the question is will this tax increase cause a "brain drain" of the best talent. It seems this fear is genuine as mentioned in this article by the Daily Mail:


http://www.dailymail.co.uk/news/article ... broad.html

If this brain drain does occur, adding to the large nunmber of Expats already abroad, I wonder if the people remaining behind will be able to "fix" the problems currently facing the UK!

Tom Jones wrote:

sage & onion wrote:I believe your numbers are rather inaccurate.

If you mean the billion pounds a year, I heard that, and the bit about Italy, on a BBC Radio discussion last night. Sorry I can't give you a link to that!

Anyway, the question is will this tax increase cause a "brain drain" of the best talent. It seems this fear is genuine as mentioned in this article by the Daily Mail:


http://www.dailymail.co.uk/news/article ... broad.html

If this brain drain does occur, adding to the large nunmber of Expats already abroad, I wonder if the people remaining behind will be able to "fix" the problems currently facing the UK!

I don't know what you understand of 'brain drain'. But this actually means that the higher educated people will leave a region or country due to lower quality standards of living. That will not happen with a alcoholic taxation effort that is aimed at the young ones.

People with money find their way of getting a nice zip every so often. Its the young ones that drink themselves to the ground and wave creditcards that cause personal bankruptcies before getting 30 years old.

England is having serious problems with youth not feeling they have an identity. There was a whole documentary recently about those youngster. Some philophical guy went explaining why and such. Has something to do with the collapse of the kingdom over decades.

Dysfunctional families will spur things a bit faster into the wrong direction. Loss of honor and dignity can be very hard. Its not the first time people went after a bottle of liquor just to flush it all away for a few hours.

In Britain, the youth is overshooting a bit. Therefore these new rules and regulations.

The average Brit has no troubles affording his/her bottle. Standards of living are still rising....although...

RobbyG wrote:

Tom Jones wrote:

sage & onion wrote:I believe your numbers are rather inaccurate.

If you mean the billion pounds a year, I heard that, and the bit about Italy, on a BBC Radio discussion last night. Sorry I can't give you a link to that!

Anyway, the question is will this tax increase cause a "brain drain" of the best talent. It seems this fear is genuine as mentioned in this article by the Daily Mail:


http://www.dailymail.co.uk/news/article ... broad.html

If this brain drain does occur, adding to the large nunmber of Expats already abroad, I wonder if the people remaining behind will be able to "fix" the problems currently facing the UK!

I don't know what you understand of 'brain drain'. But this actually means that the higher educated people will leave a region or country due to lower quality standards of living. That will not happen with a alcoholic taxation effort that is aimed at the young ones.

People with money find their way of getting a nice zip every so often. Its the young ones that drink themselves to the ground and wave creditcards that cause personal bankruptcies before getting 30 years old.

England is having serious problems with youth not feeling they have an identity. There was a whole documentary recently about those youngster. Some philophical guy went explaining why and such. Has something to do with the collapse of the kingdom over decades.

Dysfunctional families will spur things a bit faster into the wrong direction. Loss of honor and dignity can be very hard. Its not the first time people went after a bottle of liquor just to flush it all away for a few hours.

In Britain, the youth is overshooting a bit. Therefore these new rules and regulations.

The average Brit has no troubles affording his/her bottle. Standards of living are still rising....although...

No Robby…. I certainly didn’t mean that people will leave their own country to live somewhere else just because the booze tax went up!!! --- Except for perhaps a few hard-core alcoholics….! Just joking!

If you had read the Daily Mail article, you can see that there is a concern that that new top tax increase might cause the highly talented Brits, who are usually highly paid, to leave the UK to live somewhere else. If that happens, it would be a sort of a brain drain, but for different reasons – unlike the brain drain in the 3rd world countries!

The social and economic ills in Britain, as you said, are profound, but they surely cannot be “fixed” if more and more brilliant British minds keep leaving the country to avoid the continually increasing taxation.