Hedge fund tycoon Alan Howard quits UK for Switzerland
The co-founder of Brevan Howard Asset Management, Alan Howard, is the latest wealthy individual to exit the UK following tax hikes imposed by the Labour government.
The hedge fund tycoon relocated from Britain to Switzerland in early June, according to an analysis of UK registry filings by Bloomberg.
Howard had previously moved from London to Geneva in 2010 after his firm acquired offices in Switzerland; however, he returned to the UK as a resident in 2017.
He stepped down as the CEO of Brevan Howard in 2019 and has since overseen the firm’s expansion into the Middle East, particularly Abu Dhabi, where it established a significant regional hub in 2023.
Labour non-dom changes fuel exodus
Since Labour took over power, the government has removed the centuries-old “non-domicile” regime, hiked capital gains tax and reformed inheritance tax.
As a result, there has been an exodus of the wealthy relocating to Switzerland, Italy and Dubai.
Howard is the latest in this trend. One of the most significant City departures was Richard Gnodde, the vice chairman of Goldman Sachs, who moved his tax residency to Milan.
Milan has a flat tax regime that allows wealthy foreigners to pay a fixed annual fee of €200,000 on foreign income.
While Revolut remains headquartered in London, its billionaire founder, Nik Storonsky, relocated his primary residence from the UK to Dubai, which has a 0 per cent income and capital gains tax system.
The business secretary, Peter Kyle, admitted last month that he is “worried” that super-rich business figures are feeling they need to leave Britain “in order to succeed”.
Just last month, former Prime Minister Lord David Cameron expressed concern about the exodus of British entrepreneurs and talent, warning the government to prioritise business growth.