The number of Britons moving abroad is likely to be higher as not all taxpayers who leave the country permanently will file a P85 with HMRC. Those set to relocate from Britain for at least one full tax year must submit the form if they wish to claim back income tax.
The rise in workers submitting a P85 comes just months after the tax authority’s figures showed that the number of non-dom taxpayers shrank by 1,200 last year.
Ed Wood, of wealth manager Rathbones, said: “If there are no alarm bells going off in the Treasury at these numbers, then there should be.
“There is a big budget deficit, the Chancellor doesn’t have anything to play with, and yet taxpayers are leaving. The country cannot afford to be pushing them out.”
A government spokesman said: “The Chancellor has made wealth creation one of his top priorities – and the UK remains an attractive destination for talent and investment with a competitive and stable tax system, deep capital markets, world-class universities and a highly skilled workforce.
“Caution should be taken with data for years affected by the Covid-19 pandemic and the subsequent increase following lockdowns.”
