Daily Telegraph informed that the UK businessmen and financiers re-register their companies businesses outside the country in order to avoid 50 per cent income tax rate. Many British companies have registered in the Channel Islands offshore jurisdictions like Jersey, Guernsey and the Isle of Man. The British Virgin Islands are among the tax havens where number of registered UK companies has increased in the last year.
There are now 6, 729 UK company directors in the Channel Islands and the Isle of Man, and 615 in the British overseas territory, BVI. Among those company directors there are bankers, hedge fund managers and the owners of health care companies, property firms and luxury travel firms. Some of them consider that the UK tax model is broken, and the 50 per cent rate has become the last straw for them. Now about 10 Britain's entrepreneurs per week are leaving the UK mainly for the three Crown Dependencies and for the BVI.
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