Latest news with #RichardGnodde
Finextra
3 days ago
- Business
- Finextra
Checkout.com billionaire founder quits London for Monaco
The billionaire CEO of payments processor Guillaume Pousaz has switched his country of residence from the UK to tax haven Monaco. 0 Switzerland-born Pousaz, who founded in 2012 and is now worth an estimated $6 billion, is making the move just a year after arriving in London from Dubai, according to the Telegraph. There is no indication that the company's London headquarters are affected by its boss's move. The switch sees Pousaz avoid changes to the UK's non-dom regime and increased taxes on capital gains, which were introduced by Chancellor of the Exchequer Rachael Reeves as part of last year's Budget. He is not the first of the super-rich elite to abandon the UK since the changes: Goldman Sachs' vice chairman in Europe, Richard Gnodde, quit London for Milan earlier this year, while steel giant Lakshmi Mittal is also rumoured to be leaving. provides merchants with a single platform combining payments, fraud monitoring and analytics. It counts big names such as Alibaba, Ikea, Remitly and Wise among its clients. In 2022, the firm hit a $40 billion valuation on the back of a whopping $1 billion Series D funding round. The firm subsequently saw its valuation fall during the post-pandemic period but is targeting full-year profitability in 2025 after a strong finish to 2024 that saw 45% year-on-year net revenue growth in its core business.
Times
13-05-2025
- Business
- Times
Goldman's Richard Gnodde: a poster boy for the UK non-dom exodus
Richard Gnodde is a Davos regular. At the annual jamboree of world business leaders in the snow-capped Swiss mountains, the Goldman Sachs veteran has won a reputation for being able to field questions on global commerce. But at this year's gathering in January, Gnodde, 65, found himself talking about his own career after the Wall Street bank announced that he would be stepping down as chief executive of its international arm to become vice-chairman. Gnodde had spent two decades becoming one of the highest-profile bankers on London's financial scene. In his clipped South African accent, he proclaimed he was 'thrilled to have the remit to really operate broadly around the world and spend time with our people, our clients'. What he did not say was
Times
13-05-2025
- Business
- Times
Rolly van Rappard, co-founder of CVC Capital, could join UK exodus
One of Britain's best-known private equity tycoons is reportedly planning to leave the UK amid reforms to tax rules. Rolly van Rappard, the co-founder of CVC Capital, is said to be considering a move from London to Milan. The billionaire, who chairs CVC, has not made a final decision and is considering his options, according to Private Equity News, which first reported the plans. There are concerns that influential high-net-worth business leaders are leaving the UK amid government tax reforms, including to the 'non-dom' regime and inheritance tax rules on overseas trusts. The speculation comes after reports that Richard Gnodde, the Goldman Sachs veteran, is leaving his homes in London and Hampshire to set up a base in Milan. Changes to non-dom rules
Bloomberg
09-05-2025
- Business
- Bloomberg
The Ultra-Rich Move in Herds. Just Ask London.
Milan is the place to be these days if you're rich and can stand the pizza. Goldman Sachs Group Inc.'s Richard Gnodde, who leads the firm's businesses outside North America, is among financial executives relocating from London after the UK changed its tax rules for foreign residents. Ann Kaplan Mulholland, a Canadian reality-TV star who owns a castle in Kent with her husband, is also making the move, though she bemoans the lack of culinary options in Italy for non-carbohydrate-eating immigrants. If the campaign against abolition of the 'non-dom' regime is measured by the volume of noise on each side, then the verdict is already in: Britain has made a giant mistake and will rue driving away ultra-wealthy individuals who pay (on average) large amounts of tax, enrich the economy with their entrepreneurial talents and fund philanthropic works. A drumbeat of reports of notable departures has grown louder after the non-dom privileges ended in early April, along with predictions of the resulting fiscal damage.
Daily Mail
27-04-2025
- Business
- Daily Mail
Treasury takes £1.4billion capital gains tax hit - the wealthy flee Britain as Rachel Reeves struggles to balance the books
The nation's coffers have missed out on more than £1billion in capital gains taxes after wealthy individuals quit the UK in their droves. New figures from HMRC reveal capital gains tax (CGT) paid to the Treasury dropped by £1.4 billion in the 12 months to March. The sharp fall in revenues comes as Chancellor Rachel Reeves struggles to balance her books. Many non-doms – UK residents whose permanent home for tax purposes is outside the UK – and members of Britain's home-grown wealthy elite are leaving the country to escape the heavy tax burden on their assets and earnings. High-profile defectors include top Goldman Sachs banker Richard Gnodde and British property tycoons the Livingstone brothers. Inquiries about leaving the UK in the first three months of this year were nearly three times higher compared with the same period in 2024, according to Henley and Partners, which provides global relocation services. CGT is paid on profits on assets including second homes, stocks and shares. Many non-doms – UK residents whose permanent home for tax purposes is outside the UK – and members of Britain's home-grown wealthy elite are leaving the country to escape the heavy tax burden on their assets and earnings. Pictured: File photo At the start of this month, the rate rose from 20 per cent to 24 per cent for high tax rate payers following changes in Ms Reeves' Budget in October. Non-domiciled people who live in Britain are for the first time having their worldwide earnings subject to UK tax after changes implemented by Labour last year. Figures show the amount of CGT paid to the Treasury dropped by more than 10 per cent to £13 billion in the 12 months to March 2025, from £14.5 billion last year. It is a blow for Ms Reeves, who is struggling to improve public finances amid a global trade war instigated by US President Donald Trump's tariffs.
