Stopping the super-rich dining and dashing

16th October 2025

Jake Atkinson, Campaigns Manager at Tax Justice UK writes

The vast majority of the UK's wealthiest are proud to live here and happy to pay their taxes— in fact, 72% of millionaires want to be taxed more. But unfortunately, there will always be a few individuals ready to rip us off by moving their cash overseas. That's where a settling up tax comes in.

What can we learn from the tale of Nikolay Storonsky?

Last week, it was reported that Nikolay Storonsky, the billionaire CEO of Revolut, officially moved his tax residency from the UK to the UAE. Storonsky hasn't officially given a reason for relocating, but it could well be because the UAE doesn't tax personal income.

And Revolut of which Storonsky owns 25% is expected to hit the stock market soon, so when he collects his share of the expected $200 billion sale he won't have to pay a penny in capital gains tax.

Revolut was founded in a London tech incubator. Its rise was powered by UK-trained talent, UK legal protections, UK regulators, UK market access and UK infrastructure and public services. And here’s the kicker: the bank’s HQ is staying in London.

So, Storonsky is reaping the benefits of Britain— just not paying for them. That’s a slap in the face to every UK taxpayer. So, what should we do about people like Nikolay?

We need a settling up tax, now!

When the super-rich skip town, they leave a hole in the public purse. That’s because we've spent a lot of money to create the environment that allowed those people to get super-rich, with the expectation that they’d pay back into that system, through taxes, if they had such success.

There are of course plenty of legitimate reasons someone might want to move anyway. But whether their aim is tax-dodging or not, it’s only fair that they settle up before they go.

Just because you’re eating dinner elsewhere, doesn’t mean you can blow off your lunch bill (especially when you had the lobster and caviar). This is where a settling up tax comes in.

A settling up tax is levied on those with a lot of unrealised gains on shares and financial assets. So you can’t just hide your income from HMRC, by keeping it in assets, then cash it out when you reach a tax haven.

Countries like the US, France, Germany, Spain, Canada, Australia, Norway and Japan already have settling up taxes, sometimes known as an exit tax. If you think it’s time the UK joined them, spread the word.

You can’t win a tax rate race to the bottom with countries offering 0% income tax. But you can make the UK a better place to live, work or start businesses— by investing in infrastructure, education, healthcare, transport, social security, arts, culture, and sports— as long as everyone pays their dues.

In June 2025 Patriotic Millionaires published some results of a survey.

Projection and polling of UK millionaires
80% of UK millionaires support a 2% tax on wealth over £10million and 72% think Government should raise taxes on the super-rich to reduce taxes on everyone else


New poll of UK millionaires also shows over 80% think it’s patriotic to pay their fair share in tax

A new survey of millionaires has revealed the majority are in favour of paying more tax.

Working with Survation, Patriotic Millionaires UK polled UK-based millionaires to get their views on wealth and taxation and found 80% of millionaires support a two percent tax on wealth over £10 million - with only 8% against it. Of the millionaires polled who would have to pay the proposed wealth tax (those with wealth of £10m plus) - 85% of them were in support of it.

The survey also showed that 72% of millionaires think the Government should raise taxes on the super-rich to reduce taxes on everyone else; 76% support higher taxes on their own wealth if it means a more stable and equal society for future generations; and 81% think it’s patriotic to pay your fair share.

Stephen Kinsella, a former EU anti-trust lawyer and member of Patriotic Millionaires UK, said: "Ahead of the upcoming Spending Review, we are reminding the Chancellor that our country needs investment, not more cuts. As patriotic millionaires we would be proud to pay more and, as our polling shows, the vast majority of UK millionaires agree with us.

“There’s plenty of wealth in the UK, it’s just stuck in the hands of a few people, like the 40 families who now own as much wealth as half of the population. For too long our economy has relied on the myth of trickle-down economics. We need to change the system so it works for everyone, not just the wealthiest few. Almost a year ago, the Prime Minister said ‘those with the broadest shoulders should pay the heavier burden.’ We agree, so please, get to work and tax extreme wealth - it’s long overdue."

In a projection on the Bank of England this week (3 June), Patriotic Millionaires UK shared their message to the public, the Treasury and the rest of Government. It said: A better, fairer Britain needs investment. We the UK’s millionaires can invest. 80% of millionaires support a 2% wealth tax over £10m. 81% think it’s patriotic to pay their fair share. Tax wealth, not work. We’re proud to pay and here to stay. Tax us, the super rich.

Gio Notarbartolo, impact investor, entrepreneur and member of Patriotic Millionaires UK, said: “Contrary to common perception, many wealthy individuals — including former non-doms like myself — are ready and willing to contribute more to public finances, recognising that a strong, stable country benefits everyone, including those with significant means.

“Currently, much of the burden of repairing the economy falls on working people, small businesses, and public services. But there is another option: a fairer tax system that includes taxing extreme wealth. This approach is supported by a wide range of people — from trade unions to members of Parliament to fellow high-net-worth individuals. It reflects a shared commitment to a better future, built on mutual responsibility and opportunity.”

Other findings from the poll conducted by Survation on behalf of Patriotic Millionaires UK are:

74% support raising the effective tax rate of the super rich to reduce inequality and invest in public services

81% think extreme wealth buys political influence

73% support equalising taxes on wealth with taxes on work

73% think their wealth has been built on strong public services and national infrastructure

68% think the Government should have introduced a 2% wealth tax instead of raising National Insurance on employers in the 2024 Budget

Nearly 60% of millionaires think it is unpatriotic to leave the country when asked to contribute more.