The ultra rich exodus has made an exit tax tempting. Would it work?

Millionaires are leaving the UK in record numbers, prompting the Resolution Foundation, an influential left-wing think tank, to propose an exit tax. Ali Lyon explores whether one would work. Charlie Mullins has always liked to stand out from the crowd.

With his striking resemblance to Rod Stewart -sporting spiky bright blonde hair, a suspicious tan, luminescent teeth, and trousers a size tighter than the convention – the outspoken founder of Pimlico Plumbers is among the more vibrant of the UK’s top entrepreneurs. Earlier this month, the 71-year-old looked to have continued that taste for idiosyncrasy, by announcing with great fanfare that he had decided to relocate to Spain and Dubai, arguing that Labour were looking to “penalise” people like him at the upcoming budget. In actual fact, the move from the tycoon, which will involve him selling his £10m London penthouse, is uncharacteristically conventional.

According to Henley & Partners’ 2024 Private Wealth Migration Report , Mullins will be one of 9,500 millionaires to leave the UK this year, making the country second only to China when it comes to high net worth emigration. And City A.M.

has reported on several high-profile tax lawyers and wealth advisors warning they are already receiving record inbound enquiries about the idea of moving abroad. With fears of a “wealth exodus” gathering steam in the weeks leading up to the Chancellor’s first budget in October, one of the proposals made by the Resolution Fo.