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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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To: Landru

I was just thinking last night while watching a preview of the new Elvis show in Vegas, that in a few short years they should be able to project a life figure on to a stage from pictures of actors in old films or new recordings. Can you imagine the ramifications of that for entertainment or perhaps even politics?

I’m sure you didn’t understand why I was amused at the prospects of having to use a hand sanitizer in a vehicle.
Years ago I once had to ride in a farmers old truck that had a distinct smell of cowshit in it so our conversation summoned up some very vivid memories as we discussed the need for sanitizers.

Have a good evening.

Grant


51 posted on 12/16/2009 3:41:05 PM PST by 1776 Reborn
[ Post Reply | Private Reply | To 48 | View Replies]

To: 1776 Reborn
"I was just thinking last night while watching a preview of the new Elvis show in Vegas, that in a few short years they should be able to project a life figure on to a stage from pictures of actors in old films or new recordings. Can you imagine the ramifications of that for entertainment or perhaps even politics?"

LOL
GMTA.
Have thought that ever since I'd seen the crude ads by folksy-like caricatures shilling services for some investment outfit.
Won't be too much long, my friend.

"I’m sure you didn’t understand why I was amused at the prospects of having to use a hand sanitizer in a vehicle. Years ago I once had to ride in a farmers old truck that had a distinct smell of cowshit in it so our conversation summoned up some very vivid memories as we discussed the need for sanitizers."

With nothing but farmer as my neighbors?
I certainly can relate. LOL

"Have a good evening."

You too, my friend.
It's COCKTAIL hour! ;^)

52 posted on 12/16/2009 3:49:03 PM PST by Landru (Forget the pebble Grasshopper, just leave.)
[ Post Reply | Private Reply | To 51 | View Replies]


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