Since last night, two more founders have told me they’re flipping their companies to US topcos and planning how to leave before the budget. One runs a unicorn in a critical industry the UK must have a strong presence in. This level of instability is fracturing business confidence.
James Dacombe
 @jamesdacombe
21h
The UK would be making an incredibly shortsighted move bringing in an exit tax. I know multiple founders running £100m+ companies who are frantically trying to figure out how to leave. This is a disaster in the making. We should be incentivising innovators not driving them away.

Nov 9, 2025 · 9:21 AM UTC

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Replying to @jamesdacombe
They fundamentally don't care. They want a popular sounding policy to sugarcoat the tax raids on everyone else. They don't think talent is a thing and they don't think it can drive economic growth. They see all wealth as extractive in nature so they'll go on and plunder the country to pay for their pet projects.
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Replying to @jamesdacombe
The notion that you can “road test” tax policy by briefing it early shows a total disconnect from how founders and investors operate. Taxes need reform. But this government couldn’t be further removed from the startup and scale-up ecosystem. Insular and arrogant.
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Replying to @jamesdacombe
I’ve already moved but what is the need to flip business to US topcos?
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Replying to @jamesdacombe
The reasoning is roughly as follows 1- if you get successful, you’ll want US capital, and they will want a US topco 2- the later you flip, the more expensive and risky it will be So the sooner you get a US topco the better
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Replying to @jamesdacombe
People escaping the societies they extract their wealth from. Interesting. Vampires, I guess. Certainly can’t be decent people.
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Replying to @jamesdacombe
Hope they don't panic and leave. It's just a couple of leaks so far. And if it does come into play, they should be confident they can re-organise quicker than the Treasury/before April 4th. Employer NI feels a lot worse than an exit tax, and that took a while to come in. ⛈️🇬🇧
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Replying to @jamesdacombe
Which companies? Would love to know how genuine this is.
Replying to @jamesdacombe
Frying pan. Fire.
Replying to @jamesdacombe
The dam is about to go
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Replying to @jamesdacombe
The UK government is intentionally trying to destroy the country. Get out while you can. There’s no saving it now
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Replying to @jamesdacombe
Watch out if this trickle becomes a trend. Would be very bad for UK.
Replying to @jamesdacombe
Hopefully you've reported them to @HMRCgovuk for tax fraud if they're trying to undervalue the sale to the TopCo.
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