Tyson Fury ‘quits the UK and moves family’ after Rachel Reeves’ budget

The boxing champion has a net worth of £160m

The two-time heavyweight world champion has quit mainland UK after the budget, in favour of a more tax-friendly part of the world.

Fury has relocated his family to a  six-bedroom £8m home near Douglas on the Isle of Man.

Although being close to the mainland, the Isle of Man is not part of the UK, and is instead a self-governing British Crown Dependency.

This means that income tax rates on the island are nearly half for those in higher bands.

In the UK, earnings between £50,271 and £125,140 are taxed at 40 per cent, with earnings over £125,140 being taxed at 45 per cent.

However, in the Isle of Man, the higher rate of tax is just 21 per cent.

There is also a £220,000 cap on how much tax one individual can pay, as well as being no capital gains tax or inheritance tax.

Both Tyson and his wife Paris have changed their business addresses on Companies House to the Isle of Man, per The Sun.

A source told the outlet: “Tyson has been telling pals that he has moved to the island.

“He is very fond of the Isle of Man and has been telling residents that he is looking forward to making it his home.

“The couple have also been checking out schools in the area for their youngest kids.”

Their move comes after Rachel Reeves' Autumn Budget, which saw £26bn of tax rises.

The budget also introduced a mansion tax, which targets homes worth more than £2m.

The Fury family previously lived in a home in Morecambe, which was valued as more than £2m.