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Senior Tory on board of City brokerage looking to move overseas

City firm Tullet Prebon has pledged to help its London-based employees leave the UK to avoid the Treasury’s 50 per cent supertax on bonuses, according to reports. 

Conservative MP Michael Fallon holds a seat on Tullet Prebon’s board but the firm insists that the decision was not politically driven.

The move by the firm, which is run by Terry Smith has prompted fears that the Government’s levy may see the UK lose other corporates to other countries overseas with more favourable tax regimes. 

The Government’s windfall 50 per cent tax on bank bonuses over £25,000 will apply to those paid between now and April 2010.

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