A significant proportion of business owners said they are prepared to move abroad if the chancellor’s upcoming Autumn Budget introduces further tax rises, according to research commissioned by S&W.

The survey of 500 business owners with turnovers of £5m upwards reveals that 41% would consider moving their business overseas if the Budget delivers unfavourable tax changes.

The Business Owners Sentiment Survey (BOSS) report said that many owners are now questioning their commitment to the UK by considering a move abroad, because they don’t consider the UK to be supportive of entrepreneurs.

The survey discovered that business owners were worried specifically about capital gains tax, inheritance tax and new wealth taxes. Capital gains tax was an outlier in the report, with almost four in ten owners (38%) saying that they are currently thinking of leaving the country because the tax was increased in the previous Budget.