Super-rich may quit UK over Labour plans for inheritance taxes on trusts | Reuters

It appears that some of the billionaires living in the UK may leave the British isles over Keir Starmer's plan to apply inheritance taxes on family trusts, which are used to evade those taxes.

Starmer is right on this one.

Also, if these billionaires leave Britain, it will be better for everyone else.

They inflate the cost of housing, particularly in cities, they actively lobby to reshape society in their own twisted world view.

The people of the UK, with the possible exception of the City of London, would be better off:

Private banks and advisers to Britain's super-rich say some clients may quit the country if Labour wins next month's general election and pushes ahead with plans to abolish tax protections on offshore wealth they wanted to pass to future generations.

Keir Starmer's Labour Party, which leads in the opinion polls and which published its manifesto on Thursday, is targeting Britain's wealthiest people to support a public spending programme focused on schools, welfare, energy reform and the National Health Service.

Around 70,000 people who live in Britain but pay little or no UK tax on the money they earn overseas were already facing higher bills after the incumbent Conservative government said in March it would phase out this "non-dom" status over time.

But in proposals published in April, opens new tab, Labour said it would move faster to scrap relief on foreign-earned income and expand Britain's inheritance tax regime to include foreign assets held in trusts designed to mitigate such levies.

Bye Felicia.