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Campaign 'could lure wealthy to Switzerland'
The UK could be set to lose millions of pounds in revenue after Swiss authorities launched a campaign to entice hedge fund executives away from the City, which may interest those involved in offshore tax planning.
High-earning managers are being told that living in Switzerland can reduce their tax bills by up to half by keeping their wealth in offshore havens and reducing their taxable incomes with official backing, the Times reports.
Local authorities such as the Greater Zurich Area AG, which represents eight cantons and the cities of Zurich and Winterthur, are already marketing the idea in London.
Brevan Howard Asset Management, Europe's biggest hedge fund, has already invited its London staff to consider a move to Geneva.
"A final decision is likely to be taken by April," a Brevan Howard manager told the paper.
"They'll make the move if they can persuade enough of their people to come here and, ultimately, that depends on the wives and children."
In other news, Credit Suisse has become the first bank to cut payouts to its UK staff as a result of the bonus tax.
Posted by Brian de Selby
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