"Inheritance tax in the UK is high at 40%, and (clients) are not willing to pay this rate of tax on assets which were often acquired or earned many years before they had any connection with the UK. "Can this sector and those who earn most in it afford to pay more tax? Yes, more so than absolutely anybody else in society," said Murphy, a former adviser to ex-Labour leader Jeremy Corbyn.James Whittaker, head of UK wealth management and CEO of DB UK Bank, said most ultra high net worth individuals were holding their nerve before making big decisions. "There's an enormous amount to weigh up when switching from one jurisdiction to another. "While this might lead to a small number of people considering whether or not they want to leave, the vast majority of millionaires will not be going anywhere," Gowland said.

Source: The Times June 14, 2024 06:25 UTC