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Chancellor Rachel Reeves is reportedly considering a 20 per cent "settling-up charge" on business assets for wealthy Britons emigrating from the UK. The proposed "exit tax" aims to raise approximately £2bn and would bring Britain in line with most other G7 countries that already implement similar charges. This measure would prevent individuals from avoiding Capital Gains Tax on UK assets by selling them after relocating to a low-tax jurisdiction. Shadow Justice Secretary Robert Jenrick criticised the plan as "crazy" and "desperate," warning it could drive "wealth creators" out of the country. Economists have advised Ms Reeves that substantial tax increases are necessary to address a multi-billion pound deficit ahead of the upcoming Budget.
