Green suggested that cutting pension tax relief will prove to be the “straw that broke the camel’s back” for people with British pensions, forcing them to transfer to HM Revenue & Customs-recognised Qualifying Recognised Overseas Pensions Schemes.
“The removal of the higher-rate tax relief would be a punishment for those who have the ‘audacity’ to have aspired, worked-hard and been successful,” he said.
Green described the policy as a “tax raid” on middle-class earners that could be “spun” to appear to affect just the wealthiest members of society, when, in reality, it carries further reaching social implications.
He reacts to comments from the three main UK political parties, who have each suggested that they will aim to cut the tax-saving privileges if they come to power in the next general election.
“The step would act as a disincentive to save at a time when there’s critical need to reignite Britain’s appetite for saving,” he said. “It is universally recognised that we must become more financially self-reliant, because in the future the Government is unlikely to be in a position to support older people, as it has done for previous generations.”
'Bolstering tax revenues'
He said politicians were only interested in “bolstering tax revenues”.
This episode does not mark the first time Green has publically berated a piece of financial legislation, with the controversial figure last month comparing the US Foreign Account Tax Compliance Act (FATCA) to “communism”.
In a video posted on his personal website, the vocal deVere chief executive said FATCA is “horrific” for American expatriates and the US economy alike.
In the video, Green said: “The estimated costs to banks is in the billions of dollars every single year.
“What are banks doing? It means they are seeking to avoid taking on American clients,” he continued. “So I am seeing American expats refused banks accounts, I’m seeing American expats struggling to get a mortgage.
“FATCA, you see, sounds good, but then again so does communism – that sounds like a great idea – we’ll spread everything equally, sounds good, but it doesn’t work.”
