Major hedge fund set to leave London for lower Swiss taxes

Evening Standard – Krom River, which has £453 million in assets, said it was moving to Switzerland, known for its low tax regime.

The fund is one of the few to perform well in the credit crunch and would see its partners’ income tax rate fall from 40 per cent to 10 per cent with the switch to the small town of Zug, south of Zurich.

The move makes the firm the latest to quit London for lower tax regimes. It came as HSBC fuelled fears of an exodus of leading companies. Three FTSE250 firms disclosed last month that they were leaving London.

The disclosure by Britain’s biggest bank that it was reviewing having its headquarters in London will heap more pressure on the Government to end uncertainty over its tax policies. Key tax concerns include government proposals to begin taxing "non-domiciled" foreign staff.

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