A third of residents in the UK Crown Dependencies – Guernsey, Isle of Man and Jersey – are preparing to move assets out of the UK ahead of the Budget, despite most having limited UK tax exposure, while 2 in ten have already done so.
The findings from Canaccord Wealth, come just days before UK Chancellor Rachel Reeves is expected to announce a raft of tax rises in the Autumn Budget on 26 November to plug a multi-billion-pound “black hole” in the public finances.
A survey found:
- Almost a third (30%) of residents are currently considering moving assets out of the UK, while two in 10 (21%) have already done so
- 61% of all respondents own some form of UK property, and 45% hold UK pension assets, adding complexity to their tax position
Andy Finch, CEO of Canaccord Wealth’s international business, said: “These responses demonstrate just how worried people are and it is really bad news for ‘UK plc’. It is further proof of a potential exodus of wealth from the UK in yet another stinging rebuke of the Chancellor’s management of the UK economy.
“We’ve already seen many negative consequences from continual kite flying by the UK government and there’s been a marked uptick in both current and new clients speaking to us about whether they should consider moving assets from the UK.
“We’re on the front line of this, supporting our clients through every step of that process and it’s unfortunate that so many people feel forced into this position.”
