A quarter of Britain’s wealthiest families are considering leaving the country amid the threat of further taxes in November’s Budget.

VAT on private school fees and inheritance tax are among the factors prompting high net worth individuals to look at quitting Britain, according to a survey by wealth manager Saltus.

Confidence in the UK was already low in the wake of last year’s record tax-raising Budget, and Mike Stimpson, partner at Saltus, said any recovery in sentiment was being held back by the risk of further raids in November.

“Whether it’s capital gains tax, income tax or inheritance tax, high net worth individuals are braced for further changes at the autumn Budget given the Chancellor’s limited fiscal room for manoeuvre,” he said.

“This cohort are the wealth creators, investors and employers who drive economic growth. If their confidence is undermined by continual uncertainty, that has consequences for everyone.”

According to one in eight surveyed, Britain is no longer a good place to start a business. Additionally, 16pc disliked changes to inheritance tax and 14pc said the country was not an attractive place to raise a family.

Saltus defined a high net worth individual as someone with investible assets of £250,000 or more.

The imposition of VAT on private school fees was a particular issue, with one in seven saying that the policy was a reason to up sticks and leave. Almost half of those who voted Labour at the last general election said they regretted their decision just because of school fees.

A fifth of wealthy parents told the survey they have already moved their children out of their previous schools following the policy’s introduction.

Of those who have not moved their children to a different school, 71pc said they have made, or were prepared to make, sacrifices to cover the extra tax bill.

One in 10 have remortgaged, with a similar share taking out another form of loan. One in eight have moved house to release equity or save money, while one quarter have reduced their pension contributions. One third paid school fees in advance before VAT kicked in.

Alex Pugh, chartered financial planner at Saltus, said: “We are also observing an increase in client families choosing to transfer children into state schools – or, more commonly, grammar schools – at natural educational transition points, such as the start of secondary school or sixth form.

“These decisions are typically not knee-jerk reactions to the higher fees, but rather carefully planned moves at times when changing schools is least disruptive to a child’s education.”

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