Sheffield Wednesday bidder and insurance tycoon who fled to Dubai urges tax rethink
Britain's economic woes would quickly improve with a broad rethink on taxation and regulation, according to the boss of insurance group Staysure.Ryan Howsam, who is among the bidders for beleaguered Championship club Sheffield Wednesday, told This is Money that Labour could easily boost economic growth if it creates a better environment for entrepreneurs.Having left the UK more than 20 years ago, initially to live with his French former partner, Howsam is now in self-imposed tax exile in Dubai.'I've subsequently kept out of the UK to an environment that's more tax beneficial on a personal level,' he said.'I would come back to the UK in a heartbeat if the environment was right.'And I think loads of people would, but they're not giving anybody a reason, so you've ended up with the smartest, wealthiest people leaving. Imagine a company where your best people leave all the time. How is it going to succeed?' Staysure founder Ryan Howsam has lived outside of the UK for the last 20 years Changes to non-dom rules earlier this year led to warnings Labour was undermining the UK's tax base and risked an exodus of wealth out of the country.It follows the departure of 9,500 millionaires in 2024 alone, following 16,500 exits between 2017 and 2023, according to private wealth experts at Henley & Partners.Meanwhile research conducted by fund manager Rathbones suggests 12 per cent of small- to medium-sized UK business owners – or roughly 680,000 firms – are actively planning to relocate.Howsam, who also co-owns European Senior Tour rebrand Legends Golf Tour, founded Staysure in 2004 to target an underserved niche of travel insurance for customers with pre-existing conditions.While the UK has lost out on Howsam's personal taxes, Staysure is based in Northampton and continues to pay non-recoverable taxes of around £100million a year.'Those with the most wealth are being absolutely hammered and driven out the county. Take a look at Dubai - it's absolutely flying, and that's because they created the right tax environment.''Obviously I appreciate that it's very difficult, because if you try to balance the books, but [Labour] have shoehorned themselves into a position where they're attacking any area to get some form of tax.'That's ultimately going to slow growth, which will ultimately mean that they'll have even less money and it will become worse.' Another turnaround job? Howsam is in the running to buy his beleaguered hometown club Sheffield Wednesday Ireland, Italy and Dubai: What could we be doing instead?Howsam has suggested changes to capital gains tax he says would make the country a more attractive place to do business and result in a net gain for the Treasury.A £5,000 flat fee in exchange for a reduced 10 per cent CGT rate on future business sales would generate as much as £100billion for the Treasury over 25 years, according to analysis he commissioned the Centre for Economics and Business Research Entrepreneurs to conduct.But this change would not be a panacea, says Howsam.'CGT is the bit at the end - it's what entrepreneurs work for, and they should be rewarded for their success. But obviously you've got to have a pro-business environment first.'You can pretty much start a business anywhere in the world now, given the technology, so you've got to give people a reason to want to start in Britain.'Howsam believes Britain should look to efforts made by rival countries, including Dubai, to attract businesses.He described Brexit as a 'massive opportunity' to create an 'Ireland-like model' .Ireland has been successful in luring some of the biggest companies in the world via a relatively low headline corporation tax rate of 12.5 per cent, as well as government support for research and development, and intellectual property benefits.He also highlights an Italian scheme that allows individuals to pay a fixed annual tax of €200,000 on all foreign-sourced income, regardless of the actual amount earned.Howsam said: 'You can turn around things relatively quite quickly if you have the right environment.'it's not just about the taxes and so on. It's about an environment where you can get up and running.'[Labour] came in saying they're going to cut red tape - but I can assure you, in insurance, it is exactly the opposite.'You could absolutely turn [the economy] on a sixpence if you get it right, and create an environment to bring business to Britain.'DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
