If taxes were introduced that actually did drive away the wealthy, where would they go?

[sandyRoe]

http://uk.news.yahoo....t-more-230937992.html


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[coccinelle]

Monaco or Switzerland.

[parkie]

I'm not sure sandy. Where WOULD you go?

[jno]

Chez Nadir, North Cyprus?

coccinelle's answer is good, but I imagine what Osborne's talking about is people who are still working rather than those who want to retire to tax havens. It's the same old fear: if we reduce the incomes of the bankers who've wrecked their companies, some American bank will lure them all away. Good thing, say I.

[parkie]

As I understand it the Government are proposing taxing more on the assets owned than on the finances.
That being the case I think those who have high value assets will want to offload them and put their cash in foreign banks where they may not be liable for tax.
If that happens surely it would defeat the object of the exercise?
Whatever happens, I'm sure certain individuals will find a way loophole or two to get around it.

[MichaelZZ]

Once again the politics of envy and resentment rears its ugly head.

[emmie]

anywhere there isn't a punitive tax rate. Why do you think those who earn millions from music or films stars don't settle here. Or international sportsmen and women, because over tax system punishes people for doing well. In days of old i believe the top rate of tax was 90 percent, completely bonkers

[emmie]

our tax system, gawd..

[Georgiesmum]

Its madness.

[sandyRoe]

Where would I go? I spent some time in the Cayman Islands. But all that relentless sun, white sand, and rum eventually palls. I'd rather pay my dues and enjoy the wet summers we all know and love.

[emmie]

if the government took 90 percent of what you earned, i know that isn't the case, but humour me, wouldn't you want to find someplace else to live.

[woofgang]

At one stage supertax was 19/6 (97.5p) in the pound.

[TheNovice]

good to see Clegg spent his holiday wisely. If this is all he can think of how the hell did he get to where he is. A short lived political career me thinks!!!

[beegeebee]

I seem to recal a rew months ago, someone who was attempting to become the Republican nominee for President, (before it was discovered he 'had a bit on the side') suggested all taxes should be set at 9%. i.e. income; v.a.t.; local; company. It all sounded too good to be true but no one seemed to take it up and neither did anyone really poo-poo the idea. Food for thought??

[emmie]

this was an American presumably, 9 percent, sounds goods, not feasible at all.

[thenry]

Scunthorpe. They'd never look for you there !

[parkie]

I'm going to rent out the west wing. Anyone interested? £3000 per calendar month

[emmie]

only 3,000 grand, bet Obama would have something to say about that.