Hedge fund's threat to quit capital in non-dom tax protest

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In a blow to London's status as the world's financial capital, Brevan Howard has told the Financial Services Authority it is considering the move following uncertainty over taxation.

The Government is to make foreign businessmen pay an annual £30,000 levy to stay in the UK. It is thought the Pall Mall-based fund's manager has held talks about a move to Switzerland.

A source said: "Brevan Howard has told the FSA in an informal meeting it could move out of London at the flick of a switch."

It is thought at least five out of Brevan Howard's eight founding partners are registered as " nondomiciled" in Britain.

They are understood to be frustrated at the Government's campaign against their previously relaxed tax status.

It is the latest sign that London's-financial services communityis losing patience with the non-dom tax proposals.

In February it was revealed nine senior US directors were considering leaving London. Dozens more working in the city's oil, electronic, automotive and telecommunications sectors were said to be considering the move.

The London Investment Association, the British Bankers Association, the City of London Corporation, the CBI and London First have asked the Treasury for a 12-month "cooling off" period for the plan, which came into effect this month.

CBI director general Richard Lambert said: "It is vital we do all we can to keep wealth-generators and their businesses in this country, not make them feel unwelcome and drive them out."

Brevan is run by Alan Howard, a Conservative Party donor who is also chairman of the Conservative Friends of Israel.