News and Blog - FOR Offshore

A growing number of the UK's leading entrepreneurs are expected to relocate their businesses offshore because of the government's "punitive" tax regime, according to a new survey.

Out of the 350 small and medium-sized organisations interviewed by accountancy firm MacIntyre Hudson, 89 per cent said they believe the country's leading business talent will move to more favourable conditions in offshore jurisdictions.

Furthermore, 12 per cent of those polled admitted there is a "significant chance" they will relocate their own businesses.

Nigel May, tax principal at MacIntyre Hudson, commented that the message from UK companies "is clear".

"What was once a celebrated, competitive tax and regulatory regime has become increasingly burdensome, particularly for those ambitious individuals who underpin the health of our economy," he continued.

Changes to the taxing of businesses and high earners made by Chancellor Alistair Darling in this year's budget include the raising of the top level of income tax to 50p, withdrawing personal allowances for individuals earning more than £100,000 and restricting pension relief for anyone earning £150,000. http://www.foroffshore.com/news/TaxesWillEncourageOffshoreRelocation.html