Highlights
- Kurt Björklund, head of Permira private equity firm, has moved to Switzerland following tax reforms.
- Labour ended special tax breaks for wealthy foreigners and increased taxes on private equity profits.
- Several billionaires and finance bosses have left the UK following the new tax rules.
Björklund, who was Permira's managing partner until recently, is the latest wealthy financier to leave Britain.
The firm owns shares in well-known brands including Dr Martens shoes, Golden Goose, fashion retailer Reformation, and wealth manager Evelyn Partners. Both Björklund and Permira refused to comment.
Labour's 2024 tax changes removed the "non-dom" system, which let wealthy foreigners living in Britain avoid paying UK tax on money earned abroad.
Chancellor Rachel Reeves also said taxes on private equity profits, called carried interest, would rise by 6 per cent from April 2025. The government also started charging VAT on private school fees.
Other prominent departures include steel billionaire Lakshmi Mittal and Egyptian businessman Nassef Sawiris.
James Brocklebank, boss of US investment firm Advent, moved to Luxembourg, the FT reported in November. Jeremy Coller, who recently sold his London firm Coller Capital for £3.7bn, moved to Switzerland in 2024.
Bertrand Coste, who manages money for the Schlumberger oil family, also moved to Luxembourg. Switzerland offers low taxes, while Italy attracts super-rich people by letting them pay a fixed amount on all foreign income.
CVC co-founder Rolly van Rappard is moving to Italy, sources said. His shares in CVC were worth €1bn when the company went public in 2024.
Kurt Björklund's move shows growing worries in Britain's finance industry about Labour's tax policies and keeping wealthy residents in the country.
