Increased tax rates could drive business owners abroad

Almost half of business owners would consider moving their businesses abroad if taxes are increased in the upcoming Budget according to new research from Evelyn Partners.

The UK-wide survey of 500 business owners with turnovers of £5m upwards revealed that higher CGT rates would deter 46% of respondents from starting new businesses and only 20% strongly agree the Budget will be good for their businesses.

Toby Tallon tax partner at Evelyn Partners said: ‘Following the prime minister’s comment in August that the Budget was going to be “painful” we’ve seen an influx of queries from business owners who are anxious about what any potential tax changes could mean for them personally and their businesses with some mulling the option of becoming non-resident.

‘The experience of the pandemic taught us that many businesses were able to quickly pivot to remote working. With the technology...