Skidding off the Laffer Curve.
I do hope this doesn’t come as a shock to anyone in the real world.
The Treasury will lose hundreds of millions of pounds in vital tax revenues each year as hedge fund managers move overseas, experts have warned.
One-in-four hedge fund employees has already left London to move to Switzerland, which is said to have a more stable tax regime, according to consultancy Kinetic partners.
Calculations by the company claim the UK could have already forgone about £500m in tax revenues, based on the 1,000 or so hedge fund managers it says have already left the country.
The introduction of the 50pc tax rate on earnings above £150,000 is thought to have triggered the departure of many hedge fund managers. Political attacks and regulatory uncertainty have also been cited as key reasons.
Well done, Gordon. Well done, Ally. If you foresaw the election result and chose to leave a little land mine for the Cobbleition in the form of a tax George’ll be tempted to keep just to try to make ends meet (not a hope) but which will actually tempt the wealthiest and most mobile taxpayers to bugger off to where they can keep more of what they earn, then well done to you both – it was a brilliant move.
On the other hand if, as is much more likely, you actually thought it was going to make more money for HM Treasury you are indeed the pair of deluded twats that I always thought you were.
Posted on October 3, 2010, in Uncategorized and tagged Department of the Fucking Obvious, Gordon Clown, It's not your bloody money, Trust the Government?, UK, Useless Twats. Bookmark the permalink. Comments Off on Skidding off the Laffer Curve..