The recent capital gains tax increase in the UK was expected to bring additional tax revenue.
Instead, high-net-worth individuals and families are leaving the country leading to an 18% fall in net capital gains tax revenue. A £2.7b loss.
Welcome to the Laffer curve, suckers.
In 2023 alone, 12,500 high-net-worth individuals (HNWls) left the UK.
Another 17,000 are expected to do so in 2025.
UBS's latest estimates say the UK will lose +500,000 millionaires by 2028.
The top 1% of taxpayers in the UK pay 29% of all income tax.
So what happens when all the top taxpayers have left?
It's probably controversial, but I genuinely believe that within the next 5 years the UK and most Western countries will tax their citizens globally, like the US does.
Don’t you see the UK is heading towards a socialist failed state like Cuba or Venezuela?
Eventually, they will stop letting people leave the country.
Eventually may be soon.
They're already proposing exit taxes for citizens who leave the country. I've been warning you: modern feudalism is coming to Western countries.
Now, they’re planning to sell over 60,000 Bitcoin (worth £5B+) to plug the fiscal gap.
What happens when they have no more Bitcoin to sell? They will try to seize yours. Just like the US seized gold with Executive Order 6102.
So consider your allocation and location.
Buy Bitcoin and get your coins off exchanges. They can't seize Bitcoin you self-custody.
And get a second passport in a Bitcoin-friendly jurisdiction. Countries like El Salvador and the UAE.
Do it before they revoke your passport, as they did to Asma al-Assad.
She isn't allowed to enter the UK although she holds citizenship.
Let me repeat that.
She was born in the UK. She holds UK citizenship. But she isn't allowed in the country.
It's a slippery slope for a country that advises to “think before you post.”
Probably a matter of time until UK citizens experience mobility restrictions for having the wrong politics...
This is not an isolated case. There’s already been a mass mobility freeze, remember 2020? Endless lockdowns and exit denials.
Both asset seizures and mobility restrictions are state crackdowns on freedom.