By KUNA,
London : One of London’s biggest and most successful hedge funds “Brevan Howard” warned Tuesday it could quit Britain and move its 22 billion dollars assets abroad in protest of the UK Government’s “non-dom” tax reforms.
In a blow to London’s status as the world’s financial capital, Brevan Howard has told the UK Financial Services Authority (FSA) it is considering the move following uncertainty over taxation, Londons evening newspaper the Standard reported.
The UK Government is to make foreign businessmen pay an annual 30,000 pounds levy to stay in the UK.
It is thought the fund’s manager Alan Howard has held talks about a move to Switzerland.
It is thought at least five out of Brevan Howard’s eight founding partners are registered as “non-domiciled” in Britain.
They are understood to be frustrated at the UK Government’s campaign against their previously relaxed tax status.
It is the latest sign that London’s financial services community is losing patience with the non-dom tax proposals, the paper said.
Last February it was revealed nine senior US directors were considering leaving London.
Dozens more working in the citys oil, electronic, automotive and telecommunications sectors were said to be considering the move, the Standard added.
The London Investment Association, the British Bankers Association, the City of London Corporation, and the employers organization, the Confederation of British Industry (CBI) have all asked the UK 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.”