should i stay or should i go?

Will high taxes for the top earners see them leave the country?

No. It is all a big bluff.
Yes. I would go.

Comments

In April 2010, tax contributions for the UK's biggest earners (roughly the top 1% of working taxpayers) increased. So if you are one of the UK's top 300,000 earners , are you staying or are you going?

When the Chancellor originally announced swingeing tax rises for everyone earning over £150,000 a year, the city protested loudly and vociferously. Our brightest and most talented will leave the country. It will stifle entrepreneurism.

The City was united in protest. Tullett Prebon plc, a leading firm of brokers, lead the protests by announcing it would help its staff move overseas to protect their pay and bonuses.

And so to today. How does the landscape look? The expected exodus does not seem to have happened.

Sure, some people have left, and some will still be thinking about it. But as Terry Smith, chief executive of Tullett Prebon revealed recently, “It's not any easy matter. People are looking at having to get rid of houses in this country and accept that they won't be coming back to visit their families."

We have, however, lost at least one high earner - step forward Guy Hands. In a principled protest against higher taxes, the selfless multimillionaire Mr Hands has sacrificed everything by moving to Guernsey:

“I have been outspoken for some years in my criticism of the UK’s tax laws, both the level of tax and how the laws are applied… I therefore chose (after considering the options with my wife) the burdensome option – for me and my family – of moving my permanent home to Guernsey... Because two of my children are still school age, my wife and they remain at our former family home in Kent when school terms are in session; I have never visited them there since April 1, 2009... I do not visit my parents in the UK and would not do so except in an emergency... I have declined numerous invitations to dinners, to speak at conferences, to accept industry awards and to make presentations if any of those have occurred in the UK since April 1, 2009.”

You have to admire Mr Hands' dedication to what he believes in. But if I was in his position - and bear in mind he is worth millions - not seeing friends and family, let alone all the other benefits that living in a place like Kent offers, it is a price too high to pay for lower taxes. And so it would seem, it is for a lot of people in the city as well.

your comments

"The greediest would go. We do not really need them."

"If they only care about themselves and their precious cash then let them go. Crucially though don't then let them come back and work/live here whilst being domiciled elsewhere."