Supertax ‘could attract bankers’
Monday 14th December 2009, 3:00PM GMT.
Jersey Finance chief executive Geoff Cook
A SUPERTAX on UK bankers’ bonuses could bring high-performing City workers to the Island, according to local tax experts.
KPMG head of tax John Riva and PricewaterhouseCoopers tax partner Wendy Dorman say that Britain’s one-off 50 per cent tax on discretionary bonuses, announced last Wednesday, coupled with a rise in UK tax and National Insurance could provoke high-earning bankers to leave London.
And Jersey Finance chief executive Geoff Cook has said that UK hedge fund managers have already expressed an interest in moving to the Island.
‘I think the general climate will be unsettling to high earners and Jersey is an attractive location for them because they don’t have to make too many changes from a lifestyle point of view,’ he said. ‘We think a number of them will look at Jersey as a serious option. In fact, we have been talking to some hedge fund managers already.’
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As a Jerseyman i don’t want them or their dodgy money.
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Great bring em in and put them up in luxury accommodation rent free, give them an unlimited J cat. Their bored wives can shop exclusively on the internet and provide zero into the Jersey economy.
They won’t pass on their skills to a local to replace them as we are too thick, they will eventually leave when the golden goose dries up and move to another juristiction to repeat the process.
These are the people we need – all worship the money god.
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We are already here. 20% tax v’s 40% and 11% NI.
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Yes Mr Cook I read your comments in The Sunday Times. However I think the comments of one of the posters on that paper’s site put it more poignantly when he stated what sort of people are these with no roots to their community, no neighbourhood friendships that they wouldn’t be willing to forgo those human pleasures merely for the rapacious need to pocket some more funds. And don’t believe that the hedge funds or private equity executives didn’t have any influence on the collapse in the financial markets. It was the obscene numbers these executives were paying themselves (often taxed at a lower rate than their cleaners to quote the head of Permira)that helped turn the heads of their ex investment bank/MBA chums which led the latter to try and emulate those huge numbers by betting the bank and the UK taxpayer in asymetric bets to rack up those millions. I actually think these sort of people would fit in well over here given how we’ve become.
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I don’t remember voting for a Geoff Cook
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Ah yes, Hedge Fund Managers. If ever there was a group who really did something for the good of the world, t’was them…
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Isn’t this obsession with money exactly why Jersey is becoming increasingly unpleasant to live in?
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Oh Goody! – just what Jersey needs more people worshipping the Money God – doh!!!
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This is what the states and le main have failed to tell us. Some of the bankers are already here. Yet again the Jersey man’s land is sold to the highest bidder. So much for a housing law.
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Seriously? How many years have you had this as an agenda then.. we all know that tax and implications of laws etc are always planned years in advance to suit.. take your greedy little ideas somewhere else in the world you lot have already overinflated our economy once, allowed these glorified thieves to then drawdown the markets and plead poverty, take unethical bonuses at taxpayers expenses , get taxpayers to bail them out, make it difficult for anyone to get a decent salary because of ‘market condition’s’ and now you want to let them off lightly again
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Oh, dear and if they came over, they would spend money in struggling businesses and employ locals – who could then do the same, just as you whingers keep clamouring for…
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Mulvie Le Phew – Its refreshing to see a Jersey man admitting he’s thick.
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Allowing these magnificent ‘money men’ into the island would indeed get just the right attention given by the U.K. government (whichever party is in power) to completely cut off any further dealings in the finance industry as a whole.
The necessity of this new tax is to try to stop the same thing that these so-called ‘genius’ dealers have been up to before. That is, take the bonuses in real money, then leave the monetary market with only paper !
The ‘powers that be’ in charge of legislation in Jersey should think very carefully before they gather the wrath of the U.K., and awaken a sleepimg giant that could be the end of the Finance Industry in the islands.
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