“Tax burden to be highest in 30 years, says think tank”1
A new report from think tank The Institute for Fiscal Studies (IFS)2 estimates that the UK government will need to raise an additional £17bn in tax revenue over this parliament, as well as finding a further £34bn in tax and cuts in the next parliament. This, they say, is a moderate view and not one based on a ‘worst case scenario’ Brexit fuelled collapse. The likelihood of personal tax rates falling any time soon looks remote and with inflation rising as Sterling falls, financially at least, there has rarely been a better time to consider a tax-efficient career move.?
“On an annual salary of £100,000, you will net between £10,000 and £35,000 more”
The global offshore financial centres and international locations such as Dubai and Singapore continue to offer an attractive alternative financially. For example, on a salary of £100,000 per year gross, you can expect to take home roughly £35,000 more if you are in the Cayman Islands or Dubai than you would do in London. What could you do with an extra £3,000 per month? On that salary in Singapore or the BVI you will net over £2000 per month more than if you were in the UK, and even closer to home in the Channel Islands you are likely to be around £10,000 per year better off.
“Money shouldn’t be the sole motivation, for most people it won’t be”
We have never advocated making an international move based on money alone, but with high-quality firms doing high-quality work, smaller teams, more responsibility, more client contact, warmer climates and better work/life balance, you don’t need to. It’s not for everyone, of course, you need to be in a position to relocate, be comfortable being away from home and be adaptable to change. But if that sounds like you, you might just find yourself asking the question that we hear most from lawyers soon after making the move. “Why didn’t I do it sooner?”
To discuss career opportunities in any of the locations mentioned above, please contact Jason Horobin, Head of International at Origin Legal on +44 (0)20 7096 1681 or by email at [email protected] Jason has been helping lawyers to make international moves for over 16 years.