A wealth tax could unfairly hit people who are “equity rich, but cash poor” and lead to a “flight” of high net worth individuals out of the UK, Sadiq Khan has said.
Imagine, just as the set up, that you’re one of those wealthy folks.
A capitalist, almost certainly – among the wealthy there might be a sprinkling of top top musos etc. The trust fund kiddies don’t count here because, well, trust funds are differently taxed.
To be on this rich bastard that must be taxed radar you’re going to be, well rich. Say, £10 million as a starter. At which valuation you can live pretty much anywhere.
OK. So, wealth tax. This is, when we come down to it, a fee for living somewhere. You’ve the choice of living many places, the ability to exercise that choice. Why would you live somewhere where they’re charging you a high fee?
Especially as the rules allow one to pick and choose in part. Organise yourself and you can still have 90 days a year in London – the plays, whatever – and pay no tax here.