Thursday, 14 October 2010

That tax exodus

From Financial News:

Not a single trading team from Tullett Prebon, the London-based broker which told employees they cold move abroad for tax reasons in one of the clearest signals of an exodus from London has moved, almost a year after the offer was made. It is the second development in a week that suggests fears over core talent leaving the City were overblown.

In December last year, Tullett said it would "seek to facilitate, where possible and appropriate, relocation to the company’s other offices around the world which will have more certain taxation regimes”. The company, led by City heavyweight Terry Smith, specifically meant offices in Singapore, Switzerland and Bahrain.

A source familiar with the situation said this week that no teams had taken up the offer, which was only available for whole teams. A company spokeswoman confirmed the offer to support those wishing to move still stood.

Tullett Prebon was the first London financial institution to offer support to staff wishing to relocate, following changes to the UK tax regime, in a bid to stop firms based outside the UK from poaching top staff.

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