I understand completely what you're saying, but I've got a feeling this new regulation is aimed at those who don't earn any money in this country and therefore don't pay any tax in this country - even though they're living here taking advantage of the benefits and infrastructure etc.
I do agree that maybe there is a more nuanced approach to this which would encourage investment into UK businesses, but nobody ever said politicians were the brightest people on the planet. :)
It exactly how you say, with a lot of people not exactly working in UK leaving, people who made money abroad. I know plenty who do. I can see your point here.
The problem here is the way they are implementing it, right now you would still pay taxes on brining money to UK, also all of those people who happily pay certain amounts or smaller percentages on % of foreign income to live in the UK. However 45% of income made completely outside of the country is a robber and people are leaving to UAE, Italy, Switzerland. Italy is charging 200k flat now a yearn UK they would pay more.
Also office of companies are getting relocated, they stop spending money here, they would pay higher to stay in UK.
So if you say you were to get 300-500k per year from those people and now you get 0, and thousands of people leaving it goes to billions in budget loss
I understand. I really don't have enough information to attach fixed numbers to the circumstances. Whether it's £350,000 or £10 is a mystery. And maybe that's the problem.
Maybe it's fine that people go to UAE Italy and Switzerland, because it's difficult to ascribe any solution when the participants are so secretive in their financial movements.
It's kind of interesting that people are becoming exercised by this tax, because it's clear that they don't really value staying in the UK as much as saving some money. I find that a really interesting observation.
I do agree that maybe there is a more nuanced approach to this which would encourage investment into UK businesses, but nobody ever said politicians were the brightest people on the planet. :)