_{Thursday 4th February 2010}

The UK could face a large scale exodus this year as the top earners attempt to work around the 50% income tax rise in April, according to a survey by international law firm Withers.

Over 75% of the survey respondents, made up of bankers, accounts, independent financial advisers and head hunters, said that it was likely that they would move overseas in the next 12 months. In addition, 70% claimed that they would repatriate their family and business too.

The survey of 116 wealthy individuals found that Switzerland is the most popular destination with 63% of those questioned wanting to become an expat there. The Channel Islands came in second with other jurisdictions such as Hong Kong, UAE and Singapore also considered. Lifestyle and political uncertainty were cited as important factors in the decision to leave the country.

It was further highlighted that the UK is no longer attractive to wealthy expats ahead of the income tax rise, especially with new rules on tax relief for pensions and the scrapping of personal allowances for residents earning more than £100,000.

If you are considering a move abroad and what like more information about what to expect, please visit our Living in Guides.

Alternatively, if you would like to speak to somebody regarding finance and investment overseas, please contact us.

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