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When did people begin to live overseas in order to avoid tax liabilities in the UK?
It seems a major difficulty for the UK Government is to get wealthy UK residents to pay into the revenue without them taking themselves and their money overseas. When and how did this avoidance start and when was the time that large numbers of wealthy individuals and companies began to use this method to retain as much wealth as legally possible?
2 Answers
- Anonymous10 years agoFavorite Answer
Probably in the seventies when the then Chancellor suggested that he would tax the rich until the pips squeaked.
In 1976 if you earned more than £20,000 you were taxed at 83%, plus you would pay a surcharge on investment income of 15%, giving an effective rate of 98%.
It wasn't just the rich that were taxed heavily. The basic rate of tax was 35% for the lowest paid.
- JOHN GLv 710 years ago
A lot moved in 1966/67 when tax on earnings over £200k went up to 97.5% under the Labour government led by Harold Wilson, I believe The Beatles turned down £3 million each - over £20 million each in todays rate , to do a tour of the USA & Japan when it was explained that with local taxes they would get less than 0.5%, it wasn't so much the money they would lose it was that it was going to the government, other people like Tom Jones, Roger Moore & Michael Caine all quit the UK for tax reasons.
