Highlights
- Alan Howard relocates to Switzerland, joining Revolut founder Nik Storonsky and steel magnate Lakshmi Mittal in leaving UK.
- Exodus accelerated by abolition of non-dom tax status and increased capital gains tax under Labour government.
- Howard donated over £1.8 m to Conservative Party since 2005, including £90,000 to Kemi Badenoch.
Billionaire Alan Howard has relocated from Britain to Switzerland, becoming the latest wealthy entrepreneur to depart following chancellor Rachel Reeves's tax reforms.
The founder of Brevan Howard shifted his residency to the low-tax haven earlier this year, according to filings seen by Bloomberg. Howard, whose fortune exceeds $4 bn (£3 bn) according to the Bloomberg Billionaires Index, joins a growing exodus of ultra-wealthy individuals since Labour came to power last year.
Notable departures include Revolut founder Nik Storonsky, shipping magnate John Fredriksen and steel tycoon Lakshmi Mittal. Many have relocated to jurisdictions including Switzerland, the United Arab Emirates and Milan, where more favourable tax policies exist for high-net-worth individuals.
The exodus has intensified following the chancellor's decision last year to abolish non-dom tax status, coupled with an increase in capital gains tax. The non-dom regime previously allowed wealthy UK residents to avoid paying British tax on foreign income and gains.
Brevan Howard, headquartered in Jersey, currently controls approximately $34 billion in investments. Howard stepped down as chief executive in 2019.
The hedge fund entrepreneur has been a significant Conservative Party supporter, donating over £1.8 m since 2005, according to Electoral Commission records.
His contributions include a £40,000 donation to Conservative leader Kemi Badenoch in September 2024, with an additional £50,000 donated this year.
This marks Howard's second departure from Britain for tax reasons. He previously relocated to Geneva in 2010 following tightening of non-dom rules under David Cameron's coalition government, before returning to St John's Wood, north-west London, in 2017.
His latest move underscores growing concerns about Britain's competitiveness in attracting and retaining wealthy entrepreneurs amid changing tax policies.
