A heated debate has emerged over Britain's approach to taxing wealthy individuals, with concerns that millionaires are leaving the country in significant numbers.
The discussion was highlighted on GB News when presenter Michelle Dewberry expressed frustration about calls to "tax the rich" while wealthy individuals reportedly exit Britain.
Reform UK MP Richard Tice warned that overtaxation is driving millionaires away, potentially causing economic damage.
Labour MP Barry Gardiner offered a contrasting perspective, suggesting the focus should be on taxing wealth rather than income.
The exchange comes as Labour's recent non-dom tax reforms take effect, with experts warning about potential economic consequences.
"Something that makes me lost for words sometimes are non-doms and what should happen to them", Dewberry said on GB News.
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"If I hear 'tax the rich' one more time - if I had a pound every time someone said that, I would have retired in a former life."
She questioned whether millionaires fleeing Britain with their wealth was to be expected.
Tice responded: "I'm afraid so. That's the reality. If you over-tax people, they will go elsewhere and take their capital with them."
"We should be attracting wealthy people and entrepreneurs into the country but we're taxing people away."
He warned: "There's a report saying half a million millionaires may leave in the lifetime of this Parliament, that's a disaster for growth."
Labour MP Barry Gardiner disagreed with this assessment, offering an alternative approach to taxation.
"If you're saying, 'don't tax the rich', there's no point taxing the poor if they don't have the money," he argued.
Gardiner proposed a different solution: "Don't tax the rich, tax wealth. Bring in land tax. Every other country has done this in one form or another."
He pointed to historical land ownership patterns in Britain, claiming: "There are 2,000 people or trusts that owned the vast majority of the land in Britain in 1066. It's the same people and same trusts."
Tice dismissed Gardiner's proposal as "old school socialism" that would be a "disaster" for the country.
Labour's non-dom tax changes came into force on April 6, targeting those who live in the UK but have their permanent tax address registered abroad.
Global relocation firm Henley & Partners reported enquiries about moving abroad increased by 183 per cent in the first quarter of 2025.
The Adam Smith Institute think tank warned the reforms could cost the UK more than £10bn annually in lost economic growth.
The changes could trigger 44,000 job losses, with some individuals facing an effective tax rate of 67 per cent.
An HM Treasury spokesman rejected these figures, telling The Telegraph: "The independent Office for Budget Responsibility has confirmed that the changes to the regime will raise £33.8bn over the next five years."
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The discussion was highlighted on GB News when presenter Michelle Dewberry expressed frustration about calls to "tax the rich" while wealthy individuals reportedly exit Britain.
Reform UK MP Richard Tice warned that overtaxation is driving millionaires away, potentially causing economic damage.
Labour MP Barry Gardiner offered a contrasting perspective, suggesting the focus should be on taxing wealth rather than income.
The exchange comes as Labour's recent non-dom tax reforms take effect, with experts warning about potential economic consequences.
"Something that makes me lost for words sometimes are non-doms and what should happen to them", Dewberry said on GB News.
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"If I hear 'tax the rich' one more time - if I had a pound every time someone said that, I would have retired in a former life."
She questioned whether millionaires fleeing Britain with their wealth was to be expected.
Tice responded: "I'm afraid so. That's the reality. If you over-tax people, they will go elsewhere and take their capital with them."
"We should be attracting wealthy people and entrepreneurs into the country but we're taxing people away."
He warned: "There's a report saying half a million millionaires may leave in the lifetime of this Parliament, that's a disaster for growth."
Labour MP Barry Gardiner disagreed with this assessment, offering an alternative approach to taxation.
"If you're saying, 'don't tax the rich', there's no point taxing the poor if they don't have the money," he argued.
Gardiner proposed a different solution: "Don't tax the rich, tax wealth. Bring in land tax. Every other country has done this in one form or another."
He pointed to historical land ownership patterns in Britain, claiming: "There are 2,000 people or trusts that owned the vast majority of the land in Britain in 1066. It's the same people and same trusts."
Tice dismissed Gardiner's proposal as "old school socialism" that would be a "disaster" for the country.
Labour's non-dom tax changes came into force on April 6, targeting those who live in the UK but have their permanent tax address registered abroad.
Global relocation firm Henley & Partners reported enquiries about moving abroad increased by 183 per cent in the first quarter of 2025.
The Adam Smith Institute think tank warned the reforms could cost the UK more than £10bn annually in lost economic growth.
The changes could trigger 44,000 job losses, with some individuals facing an effective tax rate of 67 per cent.
An HM Treasury spokesman rejected these figures, telling The Telegraph: "The independent Office for Budget Responsibility has confirmed that the changes to the regime will raise £33.8bn over the next five years."
Find Out More...