Has Reeves chased our super rich taxpayers off to Monaco bolthole?

THE CHANCELLOR’S gamble on taxing Britain’s super rich appears to have backfired with the wealthy fleeing for Monaco — sending rents soaring there by as much as 37%.

- By Richard Ashmore

Wealthy Britons, as well as foreign nationals living in London, are heading to the Mediterranean tax haven citing Rachel Reeves’s new levies on millionaires and billionaires as a major reason.

As of April, the Chancellor abolished the so-called “non dom” tax system which had meant high-income earners who had their permanent home outside the UK did not have to pay tax on foreign income.

And further changes could see super-wealthy

'Wealthy face being taxed at a rate of 67%'

individuals effectively taxed at a rate of 67% across their foreign income, according to experts.

More than 10,000 millionaires, who contribute a disproportionate amount of tax and business activity to the UK, left the country last year.