If you’re earning more than 250k and have an aversion to paying tax, it is probably time to leave the City of London. As the graph below shows, the City is about to become the most highly taxed financial centre in the world.
When the new 50% rate of income tax is imposed next year and social security payments are also taken into account, a married banker earning 250k in the City of London will retain only 50% of his/her gross income.
This is a lot lower than Paris (58%) and Frankfurt (60%) and Zurich (68%).
It is massively lower than Dubai (95%).
Percentage of 250k (or equivalent) retained after income tax and social security payments