There have been reports this week that many bankers in the UK are considering moving to Jersey to avoid the Treasury’s new Supertax on bank bonuses. Alistair Darling announced the new tax in his Pre-Budget Report, stating that bonuses over £25,000 will be taxed at 50%.

The British Banker’s Association has expressed concerns that London could lose its status as a financial centre if many bankers and brokers do relocate because of the Supertax. Currently, the Supertax does not include brokers but there are fears that this will change in the near future. The investment broker Tullett Prebon announced that many of its staff are considering a move overseas because of the new tax.   

Jersey is appearing to be experiencing an increased interest from people in the UK wishing to relocate there. Jersey has long appealed to many wealthy professionals as an offshore tax haven but the new Supertax on banker’s awards could now make it even more attractive to many City high flyers.

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