Hedge Fund Exodus to Cost England Major Tax Revenue

The Financial Times reports:

Britain will lose hundreds of millions of pounds in tax revenues every year as a result of top hedge fund managers moving overseas, with the departure of just two to Switzerland estimated to cost the Treasury more than £200m.

So far only a handful of hedge fund partnerships have moved their headquarters offshore but a far greater number of individual employees than previously acknowledged have moved to subsidiary offices abroad.

One in four hedge fund employees have left London to move to Switzerland, where the tax regime is considered more stable, according to the consultancy Kinetic partners.

Taxes have consequences.