Exodus of high earners predicted following Budget

The Budget’s pledge to increase the tax burden for Britons earning £150,000 or more a year will lead to more and more people deciding to leave the country, Caxton FX has claimed.

According to the currency specialists, there has been a ’surge’ in the number of people moving their money overseas and planning to change their residence over recent days.

The Budget, released last week, contains a promise that the top rate of income tax for Britain’s highest earners will increase from 40p in the pound to 50p from next April.

Meanwhile, tax relief on pension contributions for this group, paid into private banks and other providers, will be cut.

Caxton FX claimed that the Budget changes will add up to a ’marginal rate’ of above 60 per cent for those on £150,000 or more.

James Hickman, managing director of the firm, said: ’We have been inundated with enquiries from our clients ... some are simply looking to transfer capital overseas, some already are based part of the year out of the country and there are some with second homes in the UK who will suffer withdrawal of holiday let tax reliefs and as a result are thinking of selling up and buying property overseas.

’These people are not celebrities or high profile people who figure in the Rich Lists but simply clients with some capital worried about preserving their assets.’ADNFCR-2318-ID-19143108-ADNFCR