Photo: nutloaf via flickr
Many hedge fund managers fled to Switzerland last year to escape the 50% bonus tax the Parliament levied on them.But because of things like the cold weather, boredom, and inconvenience, some of them have moved back to London since then.
And at least one of them moved back so that his wife’s dog could crap on the neighbour’s lawn.
From the Guardian –
The final straw was a solicitor’s letter, threatening legal action about a small deposit left on the next-door neighbours’ lawn by his dog. Moving back to London cost him £8m [$16 million] in tax – including a hefty capital gains bill – but as far as his wife was concerned, it was apparently well worth it.
Of course this is a huge win for the British government. It was basically breaking even on the tax because of the banker exodus to tax havens. But apparently the amenities are so good in London they can tax whatever they want.