Chris Rokos, one of Britain’s largest individual taxpayers, is reportedly preparing to leave the UK for Greece, as businesses and wealthy individuals await the government’s October Budget amid speculation of further tax increases.
Rokos, the billionaire founder of hedge fund Rokos Capital Management, reportedly paid about £477m in tax last year. The 55-year-old, whose wealth is estimated at £2.3bn, runs a hedge fund managing more than £22bn.
His reported move comes on the same day Chancellor John Healey said the government needed to deliver stronger economic growth, adding to concerns among business groups and high-net-worth individuals about the UK’s tax environment.
Greece operates a more favourable tax regime for certain wealthy individuals moving to the country. Qualifying new residents can pay a flat annual tax of €100,000 on foreign income for up to 15 years, subject to conditions including investment requirements.
A spokesperson for Rokos declined to comment on the reported move, according to the Financial Times.
Andrew Griffith, the Conservative shadow chancellor, said: “Chris Rokos is Britain’s third-highest taxpayer.
“He has made huge contributions to charities and educational causes across our country. Yet another wealth and job creator leaving Britain is bad news for all of us.
“Whatever your personal finances, wealth creators leaving the UK means fewer opportunities for young people and leaves the rest of us paying more.
“This is what happens when a government hikes taxes. Our best and brightest are choosing where to live – and they are not choosing Labour’s Britain.”
The reported departure comes after months of speculation that the government could raise taxes in the October Budget, including measures affecting wealthy households.
Healey has declined to rule out further tax increases. Asked about the speculation at a press conference, he said: “If I respond to speculation now, that only fuels more speculation.”
The government is under pressure to raise additional revenue while maintaining its commitment to economic growth. The previous chancellor, Rachel Reeves, increased several taxes during her tenure, including employer national insurance contributions.
Labour had pledged during the 2024 general election campaign not to increase income tax, VAT or national insurance contributions, while Prime Minister Andy Burnham has subsequently said he intends to maintain that commitment.
Rokos’s reported decision also comes as the government faces wider concerns over investment and employment. Jaguar Land Rover has confirmed plans to cut 4,000 jobs.
Robert Jenrick, Reform UK’s shadow chancellor, said: “On the day 4,000 people are losing their jobs, Healey gave a dire and dreary speech that will change absolutely nothing. John Healey is beginning to make even Rachel Reeves seem inspiring.
The case highlights the challenge facing the government as it seeks to increase tax revenues without undermining the UK’s attractiveness to high earners, investors and business owners.
For the Treasury, the departure of a taxpayer contributing hundreds of millions of pounds a year would underscore the tension between raising revenue and retaining the individuals and capital on which the tax base depends.
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