Speaking to the Times, Hargreaves, the co-founder of financial advisory Hargreaves Lansdown, says: “I won’t pay. I’ll leave. Why wouldn’t I? If I stay I’ll pay half a million more a year in tax. If I leave the country I can save £3m a year. It’s almost like the government is offering me a bribe worth £3m a year to go and live abroad.”
In the same article, insurance entrepreneur Osmond says: “It’s highly unlikely that I will continue to have the UK as my country of residence. It’s just as easy to work from any close location – Switzerland or wherever.”
It’s not just the big-name entrepreneurs who are unhappy with the move. Wendy White is the founder of www.moonfruit.com, a DIY website-building software company.
She says: “As an entrepreneur, the aggressive addition of a new 50 per cent tax rate for income over £150k and pension relief being tapered to 20 per cent from 40 per cent is disheartening.”
However, White adds: “Personally, I think it’s tough but fair. If we’ve been lucky enough to take advantage of the opportunities the UK offers in the good times, we should be prepared to support the economy in times of misfortune. As well as earning salaries, many of us are driven by running great businesses and creating business value.”
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