As Labour warn of a “painful” budget and a “broken” economy, the wealthy are leaving the UK or making plans to relocate to lower tax countries.

The Swiss bank, UBS, predicts it its latest Global Wealth Report that 500,000 millionaires will leave the UK by 2028, a 17% fall.

Watch video version - https://youtu.be/P3AaRyeqZfA

The FT said the UK will lose the most millionaires among the countries covered by UBS due to a combination of threatened ‘non-dom’ taxation, higher taxes and Russian sanctions, which has also seen billions flow out of the country.

UBS’s report estimates that $83.5tn of wealth would be transferred within the next 20 to 25 years.

This puts in doubt London's position as a haven for the global elite, currently a haven for the third highest number of dollar millionaires after the US and China.

At the same time, low growth and high taxes and regulation is moving global investment to countries where the see more opportunity in Asia, North and South America and Africa, according to the media tycoon Sir Martin Sorrell.

Taiwan has seen the highest growth of millionaires largely due to high tech growth businesses in the microchip sector.

Labour Hint Of Wealth Tax, Higher Inheritance and Capital Gains Taxes And “Painful” October Budget

Concerns over potential tax hikes, as the Labour Party hints at plans to raise Inheritance Tax (IHT), Capital Gains Tax (CGT), and even introduce a wealth tax, are already causing an exodus of the rich.

Watch full video version - https://youtu.be/P0WTdbIAuks

How will Labour’s new Renters Rights Bill 2024 affect buy-to-let landlords?

The Labour Party’s Renters' Rights Bill 2024 is poised to bring significant changes to the UK’s rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively.

Watch video version - https://youtu.be/Wx1HXgVW1bM

Section 24 Landlord Tax Hike

Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.

Email charles@charleskelly.net for a free consultation on how to deal with Section 24.

Watch video now: https://youtu.be/aMuGs_ek17s

#finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #Homeownership #financialplanning #moneymanagement #financialfreedom #section24tax #financialindependenceretireearly #RentersRightsBill #BuyToLet #LandlordLife #UKPropertyMarket #TenantsRights #RentalProperty #PropertyInvestment #LandlordChallenges #RentControl #PropertyStandards

Prime Minister Sir Kier Starmer presented the Renters Rights Bill to Parliament on Wednesday during PM Questions.

Watch video version - https://youtu.be/iqXll_itlNA

The Bill appears to be a rebrand of the Conservatives Renters Reform Bill which failed to become law before Rishi Sunak’s disastrous snap election.

I would urge you to read to Bill or at least the ‘Guide’ published here: https://www.gov.uk/government/publications/guide-to-the-renters-rights-bill/82ffc7fb-64b0-4af5-a72e-c24701a5f12a

Many landlords are retiring, considering their options or selling up after years of landlord bashing, red tape and higher taxes under Section 24.

Less new landlords are entering the market in such great numbers due to higher mortgage rates, stricter lending criteria and lower yields on but-to-let properties as prices have risen much faster than rents.

The Renters' Rights Bill 2024 signals a major shift in the dynamics of the private rental market. While these changes aim to protect tenants and ensure fair practices, buy-to-let landlords will need to adapt to new regulations and potentially alter their investment strategies. Smaller landlords could be pushed out by corporates and hedge funds looking to build or buy thousands of properties for rental.

Section 24 Landlord Tax Hike

Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.

Email charles@charleskelly.net for a free consultation on how to deal with Section 24.

Watch video now: https://youtu.be/aMuGs_ek17s

#finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #Homeownership #financialplanning #moneymanagement #financialfreedom #section24tax #financialindependenceretireearly #RentersRightsBill #BuyToLet #LandlordLife #UKPropertyMarket #TenantsRights #RentalProperty #PropertyInvestment #LandlordChallenges #RentControl #PropertyStandards #rentersrightsbill #rentersreform

Prime Minister Sir Kier Starmer and Chancellor Rachel Reeves say “thing will get worse”, and refuse to rule out a “painful” October Budget.

Concerns over potential tax hikes, as the Labour Party hints at plans to raise Inheritance Tax (IHT), Capital Gains Tax (CGT), and even introduce a wealth tax, are already causing an exodus of the rich.

Watch full video version - https://youtu.be/P0WTdbIAuks

The prospect of higher taxes under a Labour government is causing unease among property owners and investors alike.

Inheritance Tax is a particular area of concern, as Labour has suggested that the current threshold could be lowered, increasing the tax burden on estates. Currently, IHT is levied at 40% on estates worth over £325,000, but this could change, leading to more families being caught in the tax net.

Capital Gains Tax is also on Labour’s radar, with proposals to align CGT rates more closely with income tax rates. This could see higher earners paying significantly more on profits from property sales, stocks, and other investments.

Additionally, Labour’s discussions around a potential wealth tax are causing further anxiety. Such a tax would target the richest individuals, potentially impacting those with significant property holdings, investments, and savings.

As the political landscape evolves, investors and property owners are advised to stay informed and consider their options carefully. Whether you're thinking of selling, buying, or holding onto your assets, understanding how these potential tax changes could affect you is crucial.

How will Labour’s new Renters Rights Bill 2024 affect buy-to-let landlords?

The Labour Party’s Renters' Rights Bill 2024 is poised to bring significant changes to the UK’s rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively.

Watch video version - https://youtu.be/Wx1HXgVW1bM

Section 24 Landlord Tax Hike

Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.

Email charles@charleskelly.net for a free consultation on how to deal with Section 24.

Watch video now: https://youtu.be/aMuGs_ek17s

For more insights into how to navigate these uncertain times, keep an eye on market trends and consult with a financial advisor to plan effectively for the future.

#PropertyMarket #TaxChanges #InheritanceTax #CapitalGainsTax #WealthTax #LabourParty #UKProperty #FinancialPlanning #equityrelease #section24tax #kierstarmer #finances #moneytraining