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City brokerage helping staff move overseas

In light of the latest UK Budget tax amendments, which include a 50% tax on bank bonuses of more than £25,000 and a new 50% income tax rate from April 2010, a City of London brokerage has said it will help staff who wish to reduce their tax burden relocate overseas.

Tullet Prebon said it would assist staff in moving to countries “which have more certain taxation regimes”, which is likely to trigger a spike in international movers.

“The board has concluded that it is in the best interests of shareholders to respond to requests from desks to relocate out of the UK and will seek to facilitate, where possible and appropriate, relocation to the company’s other offices around the world which have more certain taxation regimes,” a Tullett spokesman said.

Tullett, which employs 700 brokers in the UK, has offices in 21 countries outside of the UK.

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