Tax hikes push wealthy individuals to exit the UK - what are the risks of relocating?

Dariusz Karpowicz, director at Albion Financial Advice, said there has been a noticeable exodus of wealth and wealth creators since the Autumn Budget.

“Our phones have been ringing off the hook as clients seek greener - and considerably less taxed - pastures,” he says.

"While the Treasury might view this as a necessary medicine for public finances, many of our high-net-worth clients are voting with their feet, treating relocation as their own form of fiscal policy. The fact that our current tax burden exceeds post-war levels seems to be the final nudge many needed to start exploring their options abroad."

Karpowicz says Portugal's 'golden visa' programme - which provides residency to non-EU citizens who transfer a minimum of 1.5 million to the country - is also attracting significant interest from those preferring to remain closer to home.

“The timing is particularly telling, as this isn't just the usual end-of-year planning: it's a direct response to the UK's tax burden reaching historic highs,” he says.