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Hundreds of bosses flee UK over 50% tax
The Times ^ | 12/13/2009 | Robert Watts and Maurice Chittenden

Posted on 12/12/2009 6:29:45 PM PST by bruinbirdman

Britain’s financiers and entrepreneurs are quitting the UK at a rate of 10 a week to avoid Labour’s new 50% taxes.

The burgeoning exodus threatens to deepen a £178 billion black hole in the public finances and leave middle-class voters with higher taxes for years to come, figures obtained from Companies House reveal.

The number of directors of British businesses registered as living in the low-tax centres of Jersey, Guernsey or the Isle of Man has risen by almost 500 to 6,729 in the past 12 months.

The British Virgin Islands is also a popular destination, with 615 directors of UK companies now based in the Caribbean tax haven — an 18% rise on a year ago.

Those known to be fleeing the UK include hedge fund managers, property tycoons, bankers and people who made their money setting up companies organising private healthcare, call centres and luxury holidays.

“The UK model is broken,” said Stephen Hedgecock, a partner in Altis, a £1 billion hedge fund company with 35 staff that has relocated to Jersey, leaving only a small presence in London.

“It’s not just the 50% rate — it’s National Insurance, the treatment of pensions ... everything. It’s just a ridiculous amount of taxation.”

Russell Newton and Danny Masters, co-founders of Global Advisors, another hedge fund with hundreds of millions of dollars under management, also abandoned London for Jersey’s thriving finance community in the summer.

Another 100 Britons have begun working in the island’s businesses since the downturn began two years ago. The Jersey government said it had seen a 20% increase in interest from people looking at moving to the island. A new marketing brochure published by the island’s authorities promises “in Jersey, keep more of what you earn”.

The authorities impose corporation tax at

(Excerpt) Read more at timesonline.co.uk ...


TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events; United Kingdom
KEYWORDS: bigbosses; revolt; taxes; uk; unitedkingdom; virginislands
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1 posted on 12/12/2009 6:29:45 PM PST by bruinbirdman
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To: bruinbirdman

Coming soon to a country near you.


2 posted on 12/12/2009 6:32:22 PM PST by Signalman
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To: bruinbirdman

Uh oh....better make it 90% to make up the revenue gap.


3 posted on 12/12/2009 6:32:58 PM PST by notfornothing
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To: bruinbirdman

Yep. These days you can run a business from almost anywhere. Why put up with confiscatory taxes?


4 posted on 12/12/2009 6:33:32 PM PST by smokingfrog (I'm from TEXAS -- what country are YOU from?)
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To: bruinbirdman

What is past is prologue.


5 posted on 12/12/2009 6:34:46 PM PST by El Sordo
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To: smokingfrog

Vote with your feet.


6 posted on 12/12/2009 6:35:52 PM PST by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: bruinbirdman

Jersey: The United Kingdom’s Hong Kong


7 posted on 12/12/2009 6:36:54 PM PST by catnipman (Cat Nipman: Made from The Right Stuff)
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To: bruinbirdman

How long until big tax nations start putting embargoes on so called “tax havens” to force them into line?


8 posted on 12/12/2009 6:37:20 PM PST by DesScorp
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To: bruinbirdman

Atlas just keeps on shrugging...


9 posted on 12/12/2009 6:37:50 PM PST by sourcery (Climatology will be science (and not a religion) when Hell freezes over, and AlGore doesn't deny it!)
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To: bruinbirdman
Britain’s financiers and entrepreneurs are quitting the UK at a rate of 10 a week to avoid Labour’s new 50% taxes. The burgeoning exodus threatens to deepen a £178 billion black hole in the public finances and leave middle-class voters with higher taxes for years to come

Wow! Who could have possible seen that coming???

10 posted on 12/12/2009 6:38:27 PM PST by spodefly (This is my tag line. There are many like it, but this one is mine.)
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To: DesScorp

Maybe the havens can fund their own private militaries to assert themselves. Can I join?


11 posted on 12/12/2009 6:40:07 PM PST by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: spodefly
The AP headline will run...

Hundreds of bosses UNEXPECTELY flee UK over 50% tax

12 posted on 12/12/2009 6:48:34 PM PST by ProtectOurFreedom
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To: Bobkk47
Coming soon to a country near you.

....and joining the business people will be Dr's. Wait a minute, Slap & degrade will take care of the rest! Legislators can not be this stupid to pass the crap that is coming out of The peoples House! Who benefits? For the working people, MY $ss!

13 posted on 12/12/2009 6:49:16 PM PST by luv2ndamend (They call themselves greens because they're too yellow to admit they're reds.)
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To: DesScorp
How long until big tax nations start putting embargoes on so called “tax havens” to force them into line?

When there is no where to go, John Gault will offer his alternative.

14 posted on 12/12/2009 6:52:48 PM PST by Ditto (Directions for Clean Government: If they are in, vote them out. Rinse and repeat.)
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To: bruinbirdman

Britain will soon impose an Iron Curtainlike ban on those fleeing their country. Get out while you can, Brits!


15 posted on 12/12/2009 6:53:56 PM PST by Freedom'sWorthIt (Welcome to America - the world's new Gulag thanks to Obamao and the Democommies)
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To: bruinbirdman

They learned nothing from the Beatles???

http://pushbackuntil.com


16 posted on 12/12/2009 6:57:18 PM PST by DennisR (Look around - God gives countless, indisputable, and unambiguous clues that He does, indeed, exist.)
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To: Freedom'sWorthIt
"Britain will soon impose an Iron Curtainlike ban on those fleeing their country. Get out while you can, Brits! "

I think they'll continue to let them leave, they will just confiscate their money and assets when they leave. That way, the government will get a windfall and ride themselves of a liability in the same process.
17 posted on 12/12/2009 7:03:52 PM PST by FrankR (SENATE: You cram it down our throats in '09, We'll shove it up your ass in '10...count on it.)
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To: FrankR

Maybe so for now....but totalitairianism is in the air.


18 posted on 12/12/2009 7:05:52 PM PST by Freedom'sWorthIt (Welcome to America - the world's new Gulag thanks to Obamao and the Democommies)
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To: wally_bert
Vote with your feet.

If you drive a car
we'll tax the street
if you walk too far
we'll tax your feet

19 posted on 12/12/2009 7:10:24 PM PST by null and void (We are now in day 325 of our national holiday from reality. - 0bama really isn't one of US.)
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To: null and void

Sooner or later they will tax too far....


20 posted on 12/12/2009 7:11:40 PM PST by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: DennisR

Richter scale irony?


21 posted on 12/12/2009 7:13:58 PM PST by null and void (We are now in day 325 of our national holiday from reality. - 0bama really isn't one of US.)
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To: null and void

Richter scale?


22 posted on 12/12/2009 7:23:47 PM PST by DennisR (Look around - God gives countless, indisputable, and unambiguous clues that He does, indeed, exist.)
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To: null and void

Paterson was mystified at the lack of tax revenue as well...


23 posted on 12/12/2009 7:24:02 PM PST by ltc8k6
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To: DennisR

It’s a Tom Clancey line, and your name...


24 posted on 12/12/2009 7:26:40 PM PST by null and void (We are now in day 325 of our national holiday from reality. - 0bama really isn't one of US.)
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To: bruinbirdman
The number of "rich" people is small. They pay an unjust percentage of total taxes collected. Fortunately, they have the means to leave for greener pastures. The stupid, abusive politicians will be left with an enormous liability to pay and no source of income. Stupid twits.
25 posted on 12/12/2009 7:45:12 PM PST by Myrddin
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To: notfornothing

90%? A mere drop in the bucket!

They need to make it 250%, what with gore-bull warming and all.

It’s for the children, you know!

:-P


26 posted on 12/12/2009 8:27:40 PM PST by gogogodzilla (Live free or die!)
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To: DennisR

Let me tell you how it will be;
There’s one for you, nineteen for me.
‘Cause I’m the taxman,
Yeah, I’m the taxman.

Should five per cent appear too small,
Be thankful I don’t take it all.
‘Cause I’m the taxman,
Yeah, I’m the taxman.

(if you drive a car, car;) - I’ll tax the street;
(if you try to sit, sit;) - I’ll tax your seat;
(if you get too cold, cold;) - I’ll tax the heat;
(if you take a walk, walk;) - I’ll tax your feet.

Taxman!


27 posted on 12/12/2009 8:44:58 PM PST by Starboard
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To: null and void

Flee? Doesn’t taxes follow you no matter where you earn the funds.


28 posted on 12/12/2009 8:47:48 PM PST by Orange1998
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To: Myrddin

There is a problem though. When you got a tiny island nation of only uber rich people not paying taxes...who’s going to handle national security? And who’s going to pay for it?


29 posted on 12/12/2009 9:08:35 PM PST by mamelukesabre
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To: mamelukesabre

So check out the numbers from,NYC,Conn,Ca,where are they moving to ? My state, bringing with them their ideas,and their proactive stance (they ruined their state)now lets ruin mine.


30 posted on 12/12/2009 10:13:03 PM PST by only the truth
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To: Orange1998

Depends on the tax codes.

If you move out and renounce citizenship, what are they gonna do?


31 posted on 12/12/2009 10:24:53 PM PST by null and void (We are now in day 325 of our national holiday from reality. - 0bama really isn't one of US.)
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To: FrankR
"I think they'll continue to let them leave, they will just confiscate their money and assets when they leave."

Their money and other assets are already in Jersey.

But then, Commies have no use for capitalists. Let them go. Soon all will be equal.

yitbos

32 posted on 12/12/2009 10:30:30 PM PST by bruinbirdman ("Those who control language control minds.")
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To: bruinbirdman

Labour is at least as destructive as our Liberals, aren’t they?


33 posted on 12/13/2009 5:34:20 AM PST by RoadTest (Except a man be born again, he cannot see the kingdom of God. John 3:3)
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To: Ditto
"When there is no where to go, John Gault will offer his alternative."

If it comes to that, John Gault will be convicted of treason.
34 posted on 12/13/2009 10:57:42 AM PST by DesScorp
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To: mamelukesabre
There is a problem though. When you got a tiny island nation of only uber rich people not paying taxes...who’s going to handle national security? And who’s going to pay for it?

It doesn't sound like a smart approach for all of them to go to a single tiny island. If they aren't being assessed taxes, they will have to pony up some $$ to cover their own security. If a government is still taking their money, that government is also tacitly accepting responsibility for their security. The government can't have it both ways.

35 posted on 12/13/2009 12:30:04 PM PST by Myrddin
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To: notfornothing

Yep that will be the next step.


36 posted on 12/16/2009 8:04:52 AM PST by Vanders9
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To: catnipman
Jersey: The United Kingdom’s Hong Kong

New Jersey: America's United Kingdom

37 posted on 12/16/2009 8:09:40 AM PST by Fresh Wind ("...a whip of political correctness strangles their voice"-Vaclav Klaus on GW skeptics)
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To: stephenjohnbanker; FBD; 1776 Reborn
"Britain’s financiers and entrepreneurs are quitting the UK at a rate of 10 a week to avoid Labour’s new 50% taxes."

Neeeeeeeverrrrr saw it coming. LOL

"The burgeoning exodus threatens to deepen a £178 billion black hole in the public finances and leave middle-class voters with higher taxes for years to come, figures obtained from Companies House reveal."

Look deeeeeep into our future. :o)

38 posted on 12/16/2009 8:10:39 AM PST by Landru (Forget the pebble Grasshopper, just leave.)
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To: Myrddin

I dont believe this story, and because of the reasons you give.

The number of “rich” people is small, therefore even at 50% the amount of tax collected is also small, particularly as rich people have access to the best lawyers who spend their working lives finding loopholes in the tax system. This is the dirty secret of these taxes. Rich people do NOT pay an unjust percentage of total taxes collected, because their lawyers ensure that the majority of their earnings never get taxed. Taxing the rich plays well with the great British public (all of whom support increased taxation that they dont have to pay) but in fact the chancellor knows, the inland revenue knows, and the city knows, the extra money the exchequer will get from this 50% tax is as near to zero as makes no difference.

The real people who suffer are those on middle incomes. There are a lot of them, they have enough money for the government to collect from, but not so much that they can squirrel it away in various “tax havens”. Its always the middle class that gets the short end of the stick. Always.


39 posted on 12/16/2009 8:15:12 AM PST by Vanders9
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To: Landru

Surprising this segment wasn’t the first to pick up and move versus manufacturers. How long before the banks and insurers move too?

So you’re taking the wife out to see a “Chick Flick” during the day? If you think their popcorn is something special think again. That old bagged crap is guaranteed to give you a greasy gut ache for two days. Bring your own as well as plenty of hand sanitizer.


40 posted on 12/16/2009 8:32:19 AM PST by 1776 Reborn
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To: bruinbirdman
They are not amused...


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

41 posted on 12/16/2009 8:40:30 AM PST by The Comedian (Evil can only succeed if good men don't point at it and laugh.)
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To: 1776 Reborn
"Surprising this segment wasn’t the first to pick up and move versus manufacturers. How long before the banks and insurers move too?"

{pointing to my watch} Soon. LOL

"So you’re taking the wife out to see a 'Chick Flick' during the day?"

A trick question; since, you [clumsily] neglected to answer my first question regarding how you know it's a CF. So I don't know how cooperative I should be with you anymore. {g}
Be that as it may...yes, that's the plan. However married to a Libra makes planning often an exercise in futility. LOL

Truth is I honestly cannot remember when last we went to a theater to see a film, '76. Whenever it was I can gauren-damn-tee it was a weekday matinee, though.

"If you think their popcorn is something special think again."

Their popcorn aside, I am a popcorn expert now that you mention the subject.
Never ever keep any less than 6 types of organically grown popcorns on hand. Never. Love the stuff drenched in Wisconsin's best lightly salted sweet butter, FWIW.

"That old bagged crap is guaranteed to give you a greasy gut ache for two days."

The place we go pops their own, I know because I stand there & watch. Maybe they're one of the last to do so; nevertheless, they do.

"Bring your own as well as plenty of hand sanitizer."

It's not a drive-in, or we certainly would.
Not that you'll answer; but, have to ask: what's with the hand sanitizer?

Granted things are bad & getting worse, but I'll be damned if I start doing [that] or wear a surgical mask, either.
I've enjoyed life up to now and such steps are going too far. It ain't worth it. LOL

42 posted on 12/16/2009 8:49:42 AM PST by Landru (Forget the pebble Grasshopper, just leave.)
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To: Landru
“It's not a drive-in, or we certainly would.”

You would have to use a hand sanitizer in your car at a drive-in but not a theater? Well ok then, I guess it has been a long time since you went to a movie. lol

I just saw the previews for the movie where it looked like there was a love story within the movie. Didn't your wife tell you? lol

43 posted on 12/16/2009 9:12:36 AM PST by 1776 Reborn
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To: Landru

“Not that you’ll answer; but, have to ask: what’s with the hand sanitizer?”

The worlds a filth hole! Surprizing any of us make it past 15. lol


44 posted on 12/16/2009 9:26:20 AM PST by 1776 Reborn
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To: 1776 Reborn
"You would have to use a hand sanitizer in your car at a drive-in but not a theater?"

You misunderstood what I tried to say.
Meant I'd take a sack of popcorn if it were a drive-in we were going. Capiche?

"Well ok then, I guess it has been a long time since you went to a movie."

Well that it has; but, might be a difference in locality, too. Theaters around here (WA County, WI) are pretty darned clean, for whatever reason.

"I just saw the previews for the movie where it looked like there was a love story within the movie."

As I'd read in a review on sludge few days ago.
Don't tend to believe anything said in those things though, preferring to read what others, here for example, have to say.

"Didn't your wife tell you?"

No.
I speak to her, not she to I unless she genuflects first upon approach. Which, she steadfastly refuses to do. LOL

Hey, if you happen to see another's review here?
Please, ping me to it. TIA

"The worlds a filth hole! Surprizing any of us make it past 15."

Awwwwwwwww an optimist, eh. ;^)

45 posted on 12/16/2009 11:16:46 AM PST by Landru (Forget the pebble Grasshopper, just leave.)
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To: Landru
So you were referring to taking popcorn to a drive-in and not the sanitizer? Whew, I thought you were commenting on the cleanliness of your car. llloooollll.

I probably will never see Avitar. I just can't get in to animated movies. I know the technology has come a long way but I just can't get in to it. Call me an old fart that's ok. I've been called worse than that on a good day. lol

46 posted on 12/16/2009 12:41:41 PM PST by 1776 Reborn
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To: bruinbirdman

Going Galt in the UK. A preview of what is to come here.


47 posted on 12/16/2009 12:46:28 PM PST by Jackknife (Chuck Norris grinds his coffee with his teeth, and boils his water with his rage)
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To: 1776 Reborn
"So you were referring to taking popcorn to a drive-in and not the sanitizer? Whew, I thought you were commenting on the cleanliness of your car."

Cars can be cleaned, my friend.
To hell with my hands. LOL

"I probably will never see Avitar. I just can't get in to animated movies. I know the technology has come a long way but I just can't get in to it."

Fair enough.
I certainly can understand your POV; especially, if --like myself-- you recall the great classic films of yesteryear. When the story and actors carried the entire production.

In fact I'll bet you've wondered if many of the classics, say Ben Hur for example, could even be done these days. Given the banal crap passing for screenplays, nevermind the dorks palmed off as 'actors' {spit} it's a miracle the imbeciles can pull off voice-overs.

And in that vein? Watch, the Director and/or 'actors' will not be making any public statements concerning politics. Not 'til they've concluded the thing's wrung every last scintilla outa the general public it can.
Funny, that. ;^)

"Call me an old fart that's ok. I've been called worse than that on a good day."

LOL
Old fart.
Old friend works better. :^)

48 posted on 12/16/2009 2:56:11 PM PST by Landru (Forget the pebble Grasshopper, just leave.)
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To: bruinbirdman

>>...living in the low-tax centres of Jersey, Guernsey or the Isle of Man...<<

Doesn’t John Galt live near there?


49 posted on 12/16/2009 2:57:44 PM PST by RobRoy (The US today: Revelation 18:4)
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To: catnipman
That's just mean.

Funny, though.

50 posted on 12/16/2009 2:59:21 PM PST by Mr. Lucky
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