Hundreds of bosses flee UK over 50% tax

The Times ^ | 12/13/2009 | Robert Watts and Maurice Chittenden

[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

[Signalman]

Coming soon to a country near you.

[notfornothing]

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

[smokingfrog]

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

[El Sordo]

What is past is prologue.

[wally_bert]

Vote with your feet.

[catnipman]

Jersey: The United Kingdom’s Hong Kong

[DesScorp]

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

[sourcery]

Atlas just keeps on shrugging...

[spodefly]

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???

[wally_bert]

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

[ProtectOurFreedom]

The AP headline will run...

Hundreds of bosses UNEXPECTELY flee UK over 50% tax

[luv2ndamend]

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!

[Ditto]

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.

[Freedom'sWorthIt]

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

[DennisR]

They learned nothing from the Beatles???

http://pushbackuntil.com

[FrankR]

"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.

[Freedom'sWorthIt]

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

[null and void]

Vote with your feet.

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

[wally_bert]

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