Tonight:
5°c
A fifth of the UK's high-rolling entrepreneurs are planning to leave Britain when the 50% tax regime comes into play next April, accountancy firm Tenon warned today.
The findings came from a survey of 300 entrepreneurs earning more than £150,000.
While 20% said they were making plans to move to abroad to more favourable tax rates, a further 48% responded that they were still deciding what action to take ahead of the tax change.
Tenon chief executive Andy Raynor said businessmen were “letting their feet do the talking”.
The Tenon survey showed entrepreneurs are looking at popular tax havens such as Monte Carlo, the Islands, Liechtenstein and Guernsey to escape the UK.
Reader views (1)
Actually, these individuals "live" in several places for business and personal reasons. While the places that you mention are possible choices they are not the only ones. In light of the uncertainty causes by the Gaines-Copper case, many are opting to move to countries which have a tax treaty with the U.K., so as to have a show-stopping argument to Inland Revenue that they are NOT U.K. tax resident. With proper legal pre-immigration tax planning, the actual tax paid in these new jurisdictions are minimal or even zero. What terrible, cultureless, lawless miserable countries would ever do such a thing? Step forward Canada, Australia, New Zealand and Switzerland.
- David S. Lesperance, Toronto Canada, 12/11/2009 17:59
Report abuse
