More UK directors moving offshore

The number of UK company directors relocating offshore is expected to increase, the man who complies the annual Sunday Times rich list has said.

Dr Philip Beresford said almost 500 people have moved to the Isle of Man and Channel Islands in the last year.

He said he believed entrepreneurs are fed up with tax increases and tax changes in the UK could see more move.

A 50% tax on those earning more than £150,000 will come into effect in the UK from April.

Entrepreneurs are just getting fed up with an increasingly burdensome tax regime as they see it

Philip Beresford

Dr Beresford said his research had shown company directors were leaving the UK for lower tax jurisdictions.

He said: "I think we're seeing the tip of the iceberg, it's just starting now. Entrepreneurs are just getting fed up with an increasingly burdensome tax regime as they see it.

"Places like Guernsey, Jersey and the Isle of Man are welcoming them with open arms."

His figures are based on the number of directors of British companies, whose home addresses are in the islands, in October of 2007, 2008 and 2009.

He said: "It's just going up and up and up and up, of course some of the figures may be related to local people taking up directorships.

"But by far the majority of the increase is coming from people who have moved there because of the reason of not wanting to pay what they see as onerous taxation."