London’s hedge fund managers and private equity executives are making tracks for Switzerland as the UK’s 50% top tax rate next spring draws nearer. The Evening Standard reports that City tax advisers “have never been so busy” advising professionals on how to leave the UK, and many hedge funds and other firms are being actively lobbied by the Swiss authorities to decamp to Zug, Zurich or Geneva.
The Swiss are promising that in their country, UK executives can “hide from increasing European Union regulation or the intervention of watchdog agencies like Britain’s Financial Services Authority.”
Read the Evening Standard article.
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It’s still a disgrace to see how someone flees for tax reasons. And I wouldn’t assume the European havens will last for very long; sooner or later one will have to decide among the alternatives to pay enormous taxes or to find a new tax haven on the moon…