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5/09: Hands and Odey to quit UK over tax

The UK economy faces further defections due to the introduction of the higher tax rates in the Budget as private equity boss Guy Hands and hedge fund chief Crispin Odey became the latest financiers to be linked with moves offshore

By Jonathan Russell
Published: 7:56PM BST 10 May 2009
UK Telegraph

Reports this weekend suggested that Mr Hands, whose group Terra Firma owns music company EMI, had already moved to Guernsey, while Mr Odey of Odey Asset Management was considering abandoning Britain. Both object to the increase in the top rate of income tax to 50pc. Mr Hands' move makes him the most high-profile City executive to leave.

Last month it emerged that Hugh Osmond, the entrepreneur, and Peter Hargreaves, founder of Hargreaves Lansdowne, were considering leaving. Many City professionals are as concerned about changes to European law affecting hedge funds and private equity firms as about tax changes.

Although many leading City figures have threatened to go offshore, Mr Hands, who is thought to have moved a few weeks ago, is among the first actually to make the move.

http://www.telegraph.co.uk/finance/financetopics/budget/5304832/Hands-and-Odey-to-quit-UK-over-tax.html