High tax Britain

Posted on 05 Jun 2024
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High-tax Britain is driving out top earners

The Telegraph talks with relative high earners about how their lifestyles do not correlate to their six-figure salaries, with high taxes and costs leaving them scrimping to get by. One example is a compliance director at a large bank earning around £145,000. She says: “I get almost 50% tax on everything. I worked out I have to earn £45,000 a year to get to work. It's exhausting, quite frankly, watching every penny and working really hard. It's just endless bad news.” The feeling is not uncommon, but some are deciding to leave rather than continue with the struggle. Simon Goldring, a self-employed tax adviser moved to Dubai last year. He has moved several British clients to Dubai and he can't see it getting any better. He says: “The higher tax rates get, the more you create a disincentive effect and the more you make the UK less attractive.”

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