Hedge Funds UK Tax
Hedge Funds Departing UK Cost Government $791 Million
One in four hedge fund managers have moved from London to Switzerland, at an annual cost to the U.K. government of an estimated 500 million pounds ($791 million) in tax revenue, the Financial Times reported.
Hedge fund managers are relocating to Switzerland because of its stable tax system and to avoid “fiscal volatility and political hostility” in the U.K., the FT said, citing consultancy Kinetic Partners LLP.
The departures of Alan Howard, founder of Brevan Howard Asset Management LLP, Europe’s biggest hedge fund, and Mike Platt of BlueCrest Capital Management Ltd. will cost the treasury 200 million pounds in lost revenue, the newspaper reported, citing its own analysis. Source