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 ...
Richter scale irony?
Richter scale?
Paterson was mystified at the lack of tax revenue as well...
It’s a Tom Clancey line, and your name...
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
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!
Flee? Doesn’t taxes follow you no matter where you earn the funds.
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?
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.
Depends on the tax codes.
If you move out and renounce citizenship, what are they gonna do?
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
Labour is at least as destructive as our Liberals, aren’t they?
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.
Yep that will be the next step.
New Jersey: America's United Kingdom
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)
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.
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.
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