Bankers’ bonus tax prompts broker to move traders abroad

One of the Square Mile’s biggest brokerage firms has paved the way for its staff to move abroad following the government’s plans for a 50% tax on bankers’ bonuses.

City of London firm Tullett Prebon has offered its staff the chance to relocate overseas to reduce their tax burdens, just days after the chancellor announced his ‘super tax’ on bankers’ bonuses worth more than £25,000.

The news comes as banks have started to move traders abroad to countries with more lenient tax regimes, in a bid to hold on to valuable staff, according to the Independent.

A Tullet Prebon spokesman said: “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.”

Tullett Prebon has offices in 21 countries outside of the UK.

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