If that would have been the actual response, it wouldn't have made sense to proceed with the reform. The goal of treasury should be to maximise social welfare, not lose tax money just to dunk on the ultrarich.

▲

hermitcrab 6 hours ago | parent [-]

But a lot of them are paying little or no tax anyway, due to trusts, shell companies and other financial engineering.

▲

bluecalm 5 hours ago | parent [-]

If they come and live in 10M house it's 300k/year right there if you tax properties/land (you can use progressive rate so it's higher on most valuable properties). Add consumption taxes and every rich Chinese/Arab kid is sponsoring welfare for few dozens people per year.

	▲	hermitcrab 5 hours ago \| parent [-]
		The yearly council tax of a £10M house in central London is the same as a £320K house: https://www.westminster.gov.uk/council-tax/council-tax-bands... So where did you get £300K/year from? Or are you saying that is what it should be?