Chris Etherington, tax partner at RSM, warns endless Budget leaks create confusion and uncertainty for business owners, while threat of an exit tax is unnecessarily disruptive
This Budget may break records for the sheer volume of ideas floated about potential tax changes, but one reported leak could prove to be expensive unless it is swiftly plugged.
Rumours about the introduction of an exit charge for individuals leaving the UK have often circulated ahead of UK budgets. However, this has represented little more than idle speculation, with limited substance to the rumours and few acting in response.
In contrast, the reports suggesting chancellor Rachel Reeves has been actively considering the introduction of a ‘settling up charge’ for those becoming non-UK resident have been taken seriously, causing both concern and confusion among those it might impact.
On one hand, it has served as a prompt to individuals who have already been considering a move overseas, or are generally more internationally mobile, to weigh up whether they should seek to leave the UK ahead of the budget.
