UK tax drives out business

| 18/03/2010

(Swissinfo): Over the past few months prime British companies and high earners have reportedly threatened to pick up sticks and relocate to Switzerland to avoid rising taxes. From April, a 50 per cent tax rate for those earning more than £150,000 (SFr242,000) comes into force. Britain, which for years appeared to encourage personal wealth, is now being described as a “hostile environment” for the rich. Banks and hedge fund firms have been the main focus of reports about potential company relocations. But at the beginning of March, the chemical manufacturer Ineos announced it was thinking about shifting its global headquarters from England to Switzerland for tax purposes. Britain’s largest privately held company believes the potential saving for the business would be quite significant.

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Category: World News

Comments (2)

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  1. Roadblogger says:

    This is sad.  Is there no place safe for the rich anymore??  Travelling in caravans of Rolls and Bentleys.  Homeless.  Shod in tattered Gucci’s.  Eating out of picnic baskets.  What can we do to save these desperate folk?  Now, bedraggled and half-starving they have to move to the wilds of Switzerland.  Half of them don’t even know how to yodel!!

    You can help.

    Send donations to:   

                                        Save Our Bankers

                                        c/o  S.O.B.

                                         P.O. Box  666

                                         Waldorf Astoria,

                                         Geneva, Switzerland

    Please hurry!!  4 million euros will help feed a family

     

  2. Ex pat says:

    I welcome 50% for the high earners.  But I still think earnings: 

    Over £34,800
    Higher rate: 40%

     is ridiculous.