US President Biden’s tax plan will be felt hard by the highest earning Americans in the UK but may halt an exodus in the event of increased UK taxes, London-based tax and advisory firm Blick Rothenberg has advised.

Daniel Hyde, a partner at the firm said Mr Biden’s plans may also pave the way for a “post-Covid migration from the big US cities in search of a more favourable tax regime."

Mr Biden’s’ two-pronged plan to ‘tax the rich’ is set to see an increase in the highest federal tax to 39.6 percent for taxpayers with incomes over $400,000, combined with an increase in the capital gains rate from 20 to 39....