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Originally Posted by Shap
Not as much as the other guy wanted to run the rich out of london. The proposed changes he was talking about would have driven a lot of wealth out of london including possibly the banking sector itself (75% tax on bankers bonuses).
The UK is currently the top location in the world for wealthy people to move their wealth to. The labour party wanted to go after that money and try to tax it. The result would have been a mass exodus (much like france saw with Hollande). Not something the UK needs imo.
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What your talking about is the non dom law where many rich people who live in the UK for years don't pay tax on their foreign earnings. the US doesn't have this law and nor does most other first world economies. so if they want the benefits of living in the UK long term they have to pay tax like everyone else. Nothing wrong with that. If they don't like it and don't want to pay their way no one's stopping them From going.