Daniel Priestley

As soon as you start to make it, they'll take it. If you're successful, if you get investment, they're going to tax your wealth. If you sell the company, they're going to take it off you. I'm going to basically say to that young entrepreneur, don't build your business in Britain. Go start it somewhere that they're more proactive and positive towards entrepreneurs.

And where are they going?

And where are they going?

Look, it corresponds with a new tax that we brought in, which was we ended the non-DOM scheme. So the non-DOM scheme basically said if you're living in the UK but you've got businesses all over the world, then we only tax you on what you've got in the UK. And if you die in the UK, we'll only tax you on your UK assets for inheritance tax if you're a non-DOM.

Look, it corresponds with a new tax that we brought in, which was we ended the non-DOM scheme. So the non-DOM scheme basically said if you're living in the UK but you've got businesses all over the world, then we only tax you on what you've got in the UK. And if you die in the UK, we'll only tax you on your UK assets for inheritance tax if you're a non-DOM.

But if you die in the UK and you've got wealth in India... Once that non-dom scheme ended, they basically said, we will tax you on everything globally. If you're a tax resident in the UK, everything you've got globally, we want 40% of it. So unfortunately, every wealth manager contacted their clients and said, you can't stay here. You're going to have to get out. It's gotten really bad.

But if you die in the UK and you've got wealth in India... Once that non-dom scheme ended, they basically said, we will tax you on everything globally. If you're a tax resident in the UK, everything you've got globally, we want 40% of it. So unfortunately, every wealth manager contacted their clients and said, you can't stay here. You're going to have to get out. It's gotten really bad.

1,000 people a month are leaving and in the UK 1% of people pay 30% of the taxes, 10% of people pay 60% of the taxes. And you imagine if we're sitting out at dinner and there's 10 of us out for dinner and one person says, hey, I've got this, I'll get 60% of the bill tonight, we say to them, no, it should be 70%, it should be 80%. And they say, you know what, I'll get up and leave. So they leave.

1,000 people a month are leaving and in the UK 1% of people pay 30% of the taxes, 10% of people pay 60% of the taxes. And you imagine if we're sitting out at dinner and there's 10 of us out for dinner and one person says, hey, I've got this, I'll get 60% of the bill tonight, we say to them, no, it should be 70%, it should be 80%. And they say, you know what, I'll get up and leave. So they leave.

Everyone else's bill just doubled. So what's going to happen is if we drive the millionaires out of this country, every ordinary normal person who pays $10,000 a year in tax will now have to pay $20,000 a year in tax.

Everyone else's bill just doubled. So what's going to happen is if we drive the millionaires out of this country, every ordinary normal person who pays $10,000 a year in tax will now have to pay $20,000 a year in tax.

On their global incomes, on their global businesses.

On their global incomes, on their global businesses.

It's like saying, hey, I'll pay 60% of this table and they say at the table, hey, wait a second, we also want you to pay for everything that's happening at other restaurants as well. Isn't it a bit more like...

It's like saying, hey, I'll pay 60% of this table and they say at the table, hey, wait a second, we also want you to pay for everything that's happening at other restaurants as well. Isn't it a bit more like...

On their global, yeah, taxes matter, right? So why is everyone going to Dubai? Dubai, they're going there because there's no tax.

On their global, yeah, taxes matter, right? So why is everyone going to Dubai? Dubai, they're going there because there's no tax.

Why do we allow these guys... It's called a consumption tax. No, it's not. It's a tax on profit. It's not a tax on consumption. You just said at point of sale, which means it's a consumption tax.

Why do we allow these guys... It's called a consumption tax. No, it's not. It's a tax on profit. It's not a tax on consumption. You just said at point of sale, which means it's a consumption tax.

Well, that's not a consumption tax. Exactly. It's not a consumption tax. That's what I'm saying. So... No, so if you tax profits, right, then those profits have to accumulate in that country. And because of the digital ecosystem that we now have, the world we now live in, I can lease the database off of my company in Luxembourg. I can license my logo from my company.