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Chancellor Proposes 20% Tax on Wealthy Leaving UK

11/1/2025

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Summary

Story summary

Chancellor Rachel Reeves leads plans for a 20% settling-up charge on assets for wealthy individuals leaving the country.
The plan aims to align the UK with G7 nations and could raise about £2 billion.
The new charge would apply to asset gains remaining in the UK, with delayed payment.
Experts warn announcing the tax without immediate implementation could trigger capital flight.
The Treasury has not confirmed these plans.

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Story summary

Chancellor Rachel Reeves leads plans for a 20% settling-up charge on assets for wealthy individuals leaving the country.
The plan aims to align the UK with G7 nations and could raise about £2 billion.
The new charge would apply to asset gains remaining in the UK, with delayed payment.
Experts warn announcing the tax without immediate implementation could trigger capital flight.
The Treasury has not confirmed these plans.