Swiss campaign targets UK firms
SWITZERLAND is stepping up an aggressive campaign to attract London-based financial services firms, including hedge funds and private equity.
SWITZERLAND is stepping up an aggressive campaign to attract London-based financial services firms, including hedge funds and private equity. It is promising tailor-made tax deals to firms that relocate, in a move that highlights the growing competitive threat to London as a financial centre.
The Business understands that at least one London-based hedge fund has already agreed to move one-third of its staff to Switzerland in recent months, while a representative body for cantons in the country’s west is actively canvassing British firms.
The campaign has been ratcheted up following the government’s decision to up capital gains tax, as announced in the pre-Budget report earlier this month. From April next year, the tax levied on private equity and entrepreneurs will nearly double, from 10% to a flat-rate of 18%.
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