Take it from a tax adviser for the ultra wealthy, this Budget did damage

Jamie Morrison, a tax adviser to ultra-wealthy clients, argues that the Budget risks driving wealth creators and their investment out of the UK. He says higher taxes on savings and property income, alongside a new focus on billionaire tax compliance, signal an unfriendly direction even though some more substantial tax rises were avoided.

The article says rates on savings and property income rise by two percentage points, to 24%, 44% and 49%. It notes that 200 billionaires will receive dedicated HMRC compliance managers, while HMRC estimates the wealthy individual tax gap at £3.6bn, compared with £36.7bn for small businesses. Morrison contrasts the UK approach with incentives in Milan, Dubai and Turkey, and argues that the government’s revenue strategy could cost the country investment, jobs and economic output.