Mr Hands, who is chairman of Terra Firma Capital Partners, has moved to Guernsey in recent weeks, according to people close to him. His decision to relocate makes him the most high-profile City executive to quit Britain over the new tax rules amid growing fears of an exodus of talent. A friend of Mr Hands said last night: "Guy has gone offshore to Guernsey in view of the new tax regime.
"With two thirds of his income, including national insurance, now going to the taxman, he did not have much choice."
It doesn\’t take too many such people moving to reduce the take from the higher rate to nothing. Or even a negative number.