One-quarter of the UK's business owners are thinking about relocating overseas in the next three years as a result of the UK's unfavourable tax and regulatory environment, according to a recently-published survey.
The poll by the accounting and advisory firm Tenon Group found that 26% of respondents are mulling plans to leave the UK, whilst 1 in 20 have already made plans to set up shop overseas. This rises to 30% among those business owners who have had prior experience of steering a company through a recession.
Corporation tax is the area of legislation most highly disliked by entrepreneurs, with 37% of those considering leaving the country citing this tax as the main factor. Capital gains tax and the abolition of taper relief was a key motivation for 16%. Entrepreneurs also continue to feel over-burdened by increasing employee rights, with 24% thinking about leaving the country for this reason.