Taxes propel Brits abroad

Lewis Hamilton is not the first or last Briton to decide to move abroad (it is assumed by many) to avoid the mounting tax burden bestowed upon UK residents

FU4v3KMMrbfpiktSvpF59a.jpg
Country Life's avatar
By
published
in News

Formula One's Lewis Hamilton is following a long line of wealthy Britons who are taking advantage of the tax havens abroad. Research reveals that the tax stimulus is pushing one in twenty prospective overseas property buyers to follow suit. * Properties for sale in Switzerland -- could Lewis Hamilton choose one of these? The Bahamas offer a complete tax haven for Brits looking to safe-guard their nest egg, with no income tax, no capital gains tax and no inheritance tax. Cape Verde also offers an escape from income tax and 0% IHT for family members inheriting an estate. Closer to home, people moving permanently to Cyprus can take advantage of no inheritance tax and low local authority taxes. A report published last year by the Institute for Public Policy Research showed that Britain has more people living abroad than almost any other country. The top 10 countries where Brits live, together accounting for around 75 per cent of all Brits living abroad, are: * Australia 1.3 million, equivalent to 2 per cent of UK population * Spain 760,000 * USA 680,000 * Canada 600,000 * Ireland 290,000 * New Zealand 215,000 * South Africa 212,000 * France 200,000 * Germany 115,000 * Cyprus 59,000 See the BBC's Brits Abroad homepage

Country Life
Country Life

Country Life is unlike any other magazine: the only glossy weekly on the newsstand and the only magazine that has been guest-edited by HRH The King not once, but twice. It is a celebration of modern rural life and all its diverse joys and pleasures — that was first published in Queen Victoria's Diamond Jubilee year. Our eclectic mixture of witty and informative content — from the most up-to-date property news and commentary and a coveted glimpse inside some of the UK's best houses and gardens, to gardening, the arts and interior design, written by experts in their field — still cannot be found in print or online, anywhere else.

Latest