An Icelandic-born billionaire leading a Nasdaq-listed biosimilars group warned that Britain’s tax direction and political instability are making the country uninvestable for mobile capital. He said the combined impact of inheritance tax, capital gains tax, and instability is making it difficult for foreigners and wealthy residents to stay. He described the overall environment as no longer pro-business, citing Brexit and subsequent tax legislation as major issues for industry and business. He also referenced a proposed Labour “wealth tax that works” aligning capital gains rates with income tax, costed at about £12 billion per year. He questioned politicians’ appetite for taxing wealth.
"“It's just the whole scheme has changed so much, which makes it very difficult, not only for foreigners to come here, but for wealthy people, who live here, are born here, and have always been here, to basically stay here,” Wessman said."
"“At the same time, the stability is not really there. You had Brexit, it was a big issue for the industry, for the country, for the business, and then all the tax legislation now,” he said."
"“Not a pro-business country anymore” Wessman, who moved his family from Reykjavík to London in 2019 and opened a Hammersmith head office for his Aztiq investment vehicle two years later, said he no longer regarded the UK as a pro-business destination."
"Asked about politicians' appetite for taxing the wealth, he spoke before the former health secretary Wes Streeting, who has launched a Labour leadership bid against Sir Keir Starmer, pledged what he called a “wealth tax that works”, centred on aligning capital gains rates with income tax. The proposal has been costed by allies at around £12 billion a year."
Read at Business Matters
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