Hi, I'm Leo from Bloomberg UK's breaking news team, catching you up on this morning's business stories. Private equity executives spooked by Labour's plans for a higher tax on carried interest — a main source of compensation — are plotting an escape to Milan. In this highly readable piece, my colleagues report how an Italian tax-law firm is currently fielding more calls than ever from London's wealthy managers of buyout funds. Interestingly, Paris and Frankfurt — widely seen as the European finance hubs that benefitted most from Brexit — seem to have lost some appeal over current political uncertainties. Milan, meanwhile, is emerging as a top pick for the world's wealthy seeking to take advantage of Italy's expat-friendly tax breaks and its relatively more stable government. Now, before we get *carried* away and rename this newsletter (does La Fretta Londinese work?), we'll have to wait and see if and how many fund managers actually go through with their plans — and whether Labour, if elected, will make any concessions. What's your take? Ping me on X, LinkedIn or drop me an email at lkehnscherpe@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond. |
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