UK launches tax review to attract high earners
Rachel Reeves will consider tax changes aimed at making the United Kingdom more attractive to high earners, particularly wealthy individuals from Gulf countries affected by geopolitical uncertainty linked to the Iran conflict.
According to a Treasury official, Reeves is expected to present the UK as “open for business” during meetings with global financial policymakers at the International Monetary Fund this week, arguing that geopolitical risks are reshaping where people choose to live, invest and build companies, News.Az reports, citing Reuters.
The government plans to launch a consultation on the taxation of limited liability companies, an area that has raised concerns among some wealthy individuals considering relocating to the UK. Officials said the review would explore options across the tax system to maintain competitiveness while ensuring fairness.
The Treasury is also considering targeted incentives for new arrivals and reforms to the treatment of offshore structures, as part of efforts to strengthen the UK’s appeal as a destination for global wealth.
The move comes after criticism that recent tax increases have discouraged high-net-worth individuals from moving to the country.
At the same time, the International Monetary Fund has downgraded the UK’s economic growth forecast more sharply than other major advanced economies, citing the economic impact of global inflationary pressures linked to the Iran war.
Reeves is expected to promote Britain as a “safe-harbour economy,” emphasizing fiscal discipline alongside investment in skills, infrastructure and emerging industries as part of its long-term growth strategy.
News.Az
By Aysel Mammadzada
