'Reckless and self-defeating': Leading wealth manager slams possible exit tax

Reeves is said to be considering the introduction of a so-called ‘settling-up ch

The head of a leading financial advisory and wealth management firm has slammed plans to impose an exit tax on wealthy Brits fleeing the UK, arguing it would leave lasting damage on the country.

Reeves is reportedly looking at a possible 20 per cent “settling-up charge” on business assets , which is the rate of Capital Gains Tax (CGT).

It is thought the policy would raise around £2bn, with the Chancellor facing a fiscal black hole of up to £35bn to fill at the November 26 Budget.

But Nigel Green, CEO of financial advisory and asset management firm DeVere Group, has warned that the tax would be “reckless and self-defeating”.

Green said the proposal would inflict lasting damage on the country’s competit