Tullet Prebon to help brokers flee UK tax

Dec 14, 2009

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Inter-dealer broker Tullett Prebon will help staff who'd like to move overseas to avoid Alistair Darling's new tax on bankers' bonuses, it emerged today.

UK firm Tullet, the first City firm to publicly back a move by workers to sidestep heavy taxes, employs about 700 brokers in London.

'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 statement read.

Wealthy bankers are unhappy at a one-off 50% levy on bank bonuses over £25,000, announced in last week's Pre-Budget Report.

But it's thought clever lawyers are helping the banks avoid a big tax bill that Darling expects will increase the public coffers by about £550m.

London-listed ICAP, the only inter-dealer broker bigger than Tullet, has said nothing so far.

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