Should the UK introduce a wealth “exit” tax for individuals leaving the country?
The UK does not currently impose a direct exit tax on individuals emigrating, unlike many other countries. Recent abolition of the non-dom regime in 2025 and inheritance tax reforms that apply for up to 10 years after departure have heightened concerns about wealthy outflows, with reports of thousands of millionaires leaving annually amid tax rises. Ahead of the October 2026 Budget, Chancellor John Healey is considering wealth tax options while the government has ruled out exit levies on companies.
4 Opinions
The US and Germany already have exit taxes... it's standard practice. Why should an ordinary grafter on PAYE subsidise the NHS while a hedge fund boss cashes out tax-free abroad as soon as they're asked to contribute?
No. I did not vote for this government and I could not leave. That does not make an exit tax fair. Tax what is earned here while it is here. Do not punish the person who still has options. A levy on departure is how you teach money to go earlier. I stayed. I will not demand a chain for those who did not.
All this would do is make the rich leave before it came into effect. Which would mean even less tax for the government.