Move to Australia tempting for those hit by 50% tax
May 27 2009 by Liam Clifford
How tax compares around the world
The UK government’s introduction of the higher tax rate of 50% for people earning £150,000 or more, has convinced many Brits that a move to Australia is the right option for them.
Many of these people would have already been tempted by the idea of living and working in Australia, Canada or New Zealand. The prospect of warmer weather, a safer and cleaner environment, cheaper housing and better job markets was enough to convince 45% of workers that they wanted to make a new life abroad, according to research by Travelex. However, the introduction of the 50% tax may be the final push for many of these people.
Australia is the top choice for 42% of prospective British migrants, with many applying for jobs in Australia. Most firms will pay for the cost of settling in Australia for the new employee and their family, helping ease the transition into their new, sunnier life.
In terms of tax, the UK’s top earners would be better off working in Australia with those earning AU$180,000 or more taxed just 45%. Canada has an even better tax regime, taxing high earners (those earning CA$126,264 or more) just 29%. Extremely high earners are particularly well off if working in the US, with those earning over US$372,950 taxed just 35%.
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