Rachel Reeves is going through recent criticism after hedge fund billionaire Alan Howard turned the most recent high-profile rich particular person to relocate to Switzerland. Mr Howard, co-founder of Brevan Howard Asset Management, has established residency within the mountainous European nation after leaving the UK since early June 2025, in keeping with UK registry filings analysed by Bloomberg on December 23.
The 62-year-old, a significant Conservative Party donor with contributions exceeding £1.5 million since 2020, beforehand resided in Geneva from 2010 till returning to the UK in 2017 for private causes. Mr Howard’s transfer coincides with Labour’s tax reforms, together with the abolition of the non-domiciled regime in April 2025, will increase to capital positive aspects tax, and modifications to inheritance tax.
Wealth advisers declare such measures have heightened unease amongst high-net-worth people, contributing to relocations to lower-tax jurisdictions, stories The Times.
Similar departures in current instances embody property traders Ian and Richard Livingstone to Monaco, personal fairness determine Jeremy Coller to Switzerland, Revolut co-founder Nik Storonsky to Dubai, and metal tycoon Lakshmi Mittal, estimated at £15.4 billion, who has shifted tax residency whereas spending extra time in Switzerland and Dubai.
The UK is forecast to lose a web 16,500 millionaires in 2025, the best globally, with an estimated £68 billion in investable wealth departing, per provisional figures from the Henley Private Wealth Migration Report 2025
Destinations together with the UAE, Switzerland, Monaco, Italy, and the US profit from extra beneficial charges on earnings, capital positive aspects, and inheritance.
Business Secretary Peter Kyle conceded in November that some insurance policies are elements in departures.
He instructed Sky News: “I accept because of some of the decisions that we have made, like closing those non-dom tax loopholes, some people feel the need to leave.”
Mr Howard oversees Brevan Howard, which manages billions of {dollars} in property throughout international markets, together with a major growth in Abu Dhabi. A spokesperson for the agency declined to remark.
The development has fuelled debate over the UK’s enchantment to wealth creators, with critics linking it to Labour’s fiscal strategy.
Ms Reeves has individually been nicknamed “Red Tape Rachel” by pub landlords and others over regulatory burdens in sectors like hospitality.
https://www.express.co.uk/news/politics/2150013/rachel-reeves-labour-slammed-another-top-brit-tax-exiles