UK's Wealthy 'Anxious and Nervous' Ahead of Budget, Says Charlie Sosna

Scores of wealthy individuals have relocated from the UK to rival wealth hubs such as Milan, Switzerland and the United Arab Emirates after the country scrapped its preferential "non-dom" tax regime earlier this year. Now, a UK minister has conceded that rich Britons have left the country partly due to tax rises under Keir Starmer's Labour government, just as further levies on high-earners and owners of expensive properties are expected in this week's budget.

I'm not going to duck the fact that we have put up taxes and we've closed some of the loopholes for non-doms," said Business Secretary Peter Kyle in an interview with Sky News. Asked whether he acknowledged that people leaving the UK was in part due to those tax choices, Kyle replied: "I do."

The comments came as Charlie Sosna, Head of Private Wealth and Tax at Mishcon de Reya, joined Bloomberg Radio to discuss how wealthy UK taxpayers are viewing Wednesday's budget. He says "I think everyone's feeling slightly anxious and nervous whether you're wealthy or not ahead of this budget. I think clients can see that the figures of...the 30 billion the chancellor needs to get and it seems there's only one way to do that and that's going to be to rise taxes."

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