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The UK, in line with all of its European partners, faces serious budgetary issues which the new UK coalition government is looking to address - in the first instance through the recent budget which was announced last month.
The increase in capital gains tax to 28% and the recent increase in the personal tax rate to 50% for high earners are prompting certain firms in the private equity and real estate domain to consider whether they should relocate some or all of their operations to other financial centres in mainland Europe, such as Switzerland or Luxembourg. In addition, the ongoing Alternative Investment Fund Manager Directive (“AIFMD”) debate is creating uncertainty in the UK market as to whether offshore products currently offered to UK and other European investors have...
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