The politicians seem to never learn:

Last October, Britain’s new Labour government unveiled a budget it proudly said would achieve the highest revenue as a proportion of GDP since World War Two. It included an immediate hike in the top capital-gains tax rate from 20% to 24%. The carried interest capital gains tax went from 28% to 32%. Even the lowest bracket went from 10% to 18%.

The results won’t shock HOTLINE readers. Capital gains tax receipts have fallen 10% in the past year, despite a 20% increase in the rate.

Jonathan Riley, a tax advisory lawyer, explains what is happening: “Business owners have been asked the question: would you like to sell your business (regardless of where it is located) and pay 24 per cent tax, or would you like to move (for example to Portugal, Italy or Spain), sell your business and pay no tax?”