£330million taxpayer Chris Rokos to quit UK as Budget tax fears grow

Chris Rokos, the hedge fund boss described as Britain's third largest individual taxpayer, is reported to be leaving the UK for Greece after paying an estimated £330million to the Treasury last year, according to the Daily Express. The move comes as speculation grows that Labour will raise taxes again in the Budget due in October, including taxes aimed at the very wealthy.

Mr Rokos, 55, is worth an estimated £2.3bn and runs a hedge fund looking after more than £22bn in the UK, the Express reports. A spokesperson for him declined to comment on the reported move, according to the Financial Times, so Mr Rokos has not set out his plans or reasons himself.

The news broke on the same day Chancellor John Healey gave a speech saying he wanted to see the economy grow more. It was also the day Jaguar Land Rover confirmed it would cut 4,000 jobs, adding to the pressure on the Treasury ahead of the Budget.

Why Greece's flat tax appeals to the super-rich

According to the Express, Greece runs a far more generous system for wealthy newcomers than the UK does. Qualifying high net worth individuals who become new residents can pay a flat €100,000 a year in tax on their foreign income. That is a fixed sum, whatever they earn abroad.

The deal is not open to everyone. Applicants have to meet conditions, including investment requirements, and the regime lasts for 15 years. The reports we have seen do not say what the investment thresholds are, so those details have not been published here.

The Conservative Shadow Chancellor, Andrew Griffith, said Mr Rokos had made "huge contributions to charities and educational causes" and called his departure "bad news for all of us". He argued that wealth creators leaving means "fewer opportunities for young people" and "leaves the rest of us paying more", and blamed the government's tax rises for the decision.

Who picks up the bill when top taxpayers leave

One person paying an estimated £330million in a single year is a large sum for the Treasury to lose. Mr Griffith's argument is that when people like this leave, everyone else ends up covering the gap. Whether that happens depends on what the government decides in the Budget, and that has not been announced yet.

The row comes after tax rises brought in by the now former Chancellor Rachel Reeves, which included higher national insurance contributions paid by employers. The Express points out that Labour had pledged 52 times in its 2024 general election manifesto not to raise income tax, VAT or national insurance contributions. The paper also says that months after the rises, reports suggested up to 1,000 jobs a day were being lost because of the national insurance increase.

New Prime Minister Andy Burnham has repeatedly said he intends to stick to that manifesto, according to the Express. If that holds, the main rates of income tax, VAT and national insurance should be off the table. Even so, months of speculation have focused on other tax rises, including some aimed at the super-rich.

Key numbers

• £330million: the estimated tax Mr Rokos paid to the Treasury last year, according to the Express.
• £2.3bn: his estimated personal wealth.
• £22bn: his hedge fund looks after more than this amount in the UK.
• €100,000: the yearly flat tax on foreign income that qualifying wealthy new residents can pay in Greece.
• 15 years: how long the Greek regime applies to those who qualify.
• 52 times: how often Labour's 2024 manifesto pledged not to raise income tax, VAT or national insurance, according to the Express.
• 4,000: the jobs Jaguar Land Rover confirmed it would axe on the same day.

What to watch before the October Budget

Chancellor John Healey has refused to rule out tax rises in the Budget, which is due in October. At a press conference he said: "If I respond to speculation now, that only fuels more speculation." The exact Budget date is not given in the reports, and nothing in your tax bill changes until measures are announced and come into force.

Opposition parties are already on the attack. Reform UK's Shadow Chancellor, Robert Jenrick, said: "On the day 4,000 people are losing their jobs, Healey gave a dire and dreary speech that will change absolutely nothing." He added that Mr Healey "is beginning to make even Rachel Reeves seem inspiring".

What you can do now

Nothing has changed yet. No new taxes have been announced, and the claims flying around before the Budget are speculation that the Chancellor has refused to confirm or deny. It makes sense to hold off on any big money decisions based on rumours alone and wait for the official announcement.

Once the Budget is published, look at which measures actually apply to you and when they start. If any change affects your income, check your payslip or pension statement after the start date to make sure your tax has been worked out correctly, and contact your employer or pension provider if something looks wrong.

If you have strong views on how the government should raise money, you can write to your MP before the Budget. MPs pass constituents' concerns to ministers, and letters sent ahead of a fiscal event are more likely to be noticed than complaints made afterwards.

Your questions answered

How much tax did Chris Rokos actually pay

The Daily Express puts the figure at an estimated £330million paid to the Treasury last year, making him Britain's third largest individual taxpayer. Some earlier headlines gave a higher figure, but the Express report uses the £330million estimate. Mr Rokos has not commented, and his spokesperson declined to discuss the reported move.

Will taxes go up in the October Budget

Nobody knows yet. Chancellor John Healey has refused to rule out tax rises, saying that responding to speculation only fuels more of it. Prime Minister Andy Burnham has repeatedly said he intends to stick to Labour's manifesto pledge not to raise income tax, VAT or national insurance, according to the Express.

Can anyone move to Greece and pay the flat tax

No. According to the Express, the €100,000 flat tax on foreign income is only for qualifying high net worth individuals who are new residents. They must meet conditions, including investment requirements, and the regime lasts for 15 years.