Darling’s 50% tax sends tycoons to Switzerland

Evening Standard – London’s rich hedge fund managers and private equity executives will quit the UK in droves ahead of the 50% top tax rate next spring.

That is the news from City tax advisers who say they have never been so busy consulting with professionals on how to leave the UK and avoid their tax bill from Revenue and Customs.

Chancellor Alistair Darling has announced that from next April people paid more than £150,000 a year will pay tax at 50%. But the loss of allowances in reality takes that top tax rate to more than 60% for some.

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