Tax Changes Could Push TPG Out Of London

Feb 25 2008 | 12:55pm ET

Private equity titan TPG Capital is mulling a move of its European operations in the wake changes to Britain’s tax code.

The former Texas Pacific Group may move its European headquarters from London to Switzerland, Financial News reports. The Fort Worth, Texas-based buyout group will make its decision after the British government reveals its plans changes to the treatment of non-domiciled workers on March 12.

Under the proposed new rules, the U.K. could enforce at £30,000 (US$59,000) charge on long-tern resident non-domiciles. Of TPG’s 17 top practitioners in London, 13 are not British citizens.

Switzerland recently charged a working party with making the country more attractive to alternative investment firms, and the country is reportedly especially interested in persuading TPG to move to the country.

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