On the occasion of the «Move» Mr President, ladies and gentlemen, I would like to thank the rapporteur for his excellent report. Britain in Greece, Bloomberg Notes in an analysis that the tax on the over-rich in Britain is not the only reason they leave for countries such as Greece.
Among others, Bloomberg stresses that his decision to leave for Greece, where it will pay only EUR 100,000 tax (115,000 dollars) a year has caused intense reactions.
Rocos has not stated why he leaves Britain, according to the report, but consulting companies often argue thatfears of imposing taxes on wealth are one of the main reasons for the departures of the very rich from BritainAs well as changes made to Britain's special tax regime for non-tax citizens who reside permanently there.
What evidence shows
The evidence shows that There is a steady flow of people leaving and moving to Britain, stating permanent residence status, while in the year before the abolition of this status (in 2017), around 9,000 non-residents left Britain possibly to avoid changes, possibly for other reasons.
But at the same time, 8,600 new residents arrived, which could benefit from the previous, more favourable regime for a maximum of one year.
This rotation is largely equivalent to what has been recorded in recent years, since the duration of the pandemic, in 2020, there was a large net outflow, while the significant decrease in the total number of non-residents in 2017 and 2018 was not necessarily due to departures.
The change, which voted by British government in 2017 gave an important opportunity to examine in practice the extent to which taxation affects immigration.
Academics from London School of Economics, having at their disposal a large volume of confidential and anonymous data from the British tax authority HMRC, they found that those who faced higher tax burdens due to the change were only 0.2% more likely to leave Britain.
Many They work in London with higher wages than those offering competitive financial centres, while the City financial sector currently employs more workers than before Brexit.
And yet, according to the analysis, billionaires like Rocos already enjoy a relatively favourable tax regime in Britain.
The reports on his departure reported that his tax contribution amounted last year to 330 million pounds (446 million dollars). However, this amount comes from a Sunday Times ranking, which includes Not just the taxes he pays for his income and profits, but also the tax charges paid by his company and its employees.
The real average tax rates paid by the very rich in Britain are lower than those applicable to workers who are paid exclusively on a salary. The income of the rich often includes shares in profits or capital gains, which are taxed at lower rates.
Study of 2023 showed that persons with an annual income of more than £500,000 paid an average tax of 38%. For those who won more than £3 millionThe average tax rate was reduced to 30% or lower. And even lower, somehigh wage earners paid a tax equal to just 12% of their income.
If a rate of 30% applied to the income of £477 million that Rocos had in 2025, would pay a tax of just £ 143 million. His tax bill may even have been even lower, among others thanks to the donation of almost £200 million made to Cambridge University and which could offer him a significant tax discount.
Even with a tax charge of £ 143 million, income from Roku taxation would correspond to less than 0.2% of the taxes collected from the richest 1% of taxpayers in Britain — and less than one tenth of 1% of all income taxes collected in the country that year.
