
Sir Oliver has criticised the government's hostile tax regime.
Following the United Kingdom seeing an exodus of entrepreneurs, business leaders and investors because of tax changes made by the government, Sir Oliver suggested implementing a scheme similar to America’s $5m ‘Gold Card’ so that these wealthy people stay in this country and contribute to the economy.
At HM Treasury Questions, Sir Oliver asked: 'Attracting high-net-worth individuals to spend more time in the United Kingdom drives jobs, growth and crucially tax revenues but unfortunately, the opposite is happening in the UK right now. Will the Chancellor use the Spring Statement to look at the Statutory Residence Test and in particular the ties rules to see whether we can incentivise people to spend more time in the UK, not the other way round.'
The Minister responded: 'Mr Speaker, as part of the reforms announced at the Autumn Budget, we are modernising the system for people from overseas spending time in the UK with the new Residence Based Test. We are always looking at ways to encourage people from overseas to spend time in the UK, to invest in the UK and help grow our economy.'