The 50p tax rate refugees: let ‘em leave! | ToUChstone blog: A public policy blog from the TUC.
Adam Lent provides good reason why "the hedgies, private equity boys and derivatives traders" should be cleared out of London.
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interesting headline – perhaps you think there might be a way in which they might be stopped from leaving? Although who “they” are and what business it is of anyone else are important questions sadly lacking from this and most other diatribes on the subject.
Alastair
The right to freedom of movement within the EU for EU citizens would make it very hard to prevent any high earners from leaving, including I believe to Switzerland (although non-EU) under the Schengen Agreement. It would also be impossible to prevent anybody moving to the Channel Islands or the Isle of Man as they are part of the UK Common Area for Immigration & Nationality purposes. In this day and age individuals are free to move themselves and their capital, and human rights of EU citizens enshrined within EU law will protect that right. The EU cannot have it both ways.
The pattern that will undoubtedly emerge is that individuals will either have to live by new domestic tax laws in their country of residence or get out of the country altogether. Seems that quite a few are planning to do the latter.
Alastair
We’re not trying to stop them going
We reckon we’re better off without them
Look at the mess they’ve made
You have them – you find they subtract value
Richard
Surely, they will continue to make a mess, will be just business as usual, except for the most part they’ll be directing their business from a different location, e.g. from a sun-lounger in Monaco?
So, you won’t actually be “without them”.