Sheffield Wednesday bidder and insurance tycoon who fled to Dubai urges tax rethink
Britain’s economic woes will quickly be eased by a major rethink of taxation and regulation, according to the boss of insurance group Staysure.
Ryan Howsam, who was among those bidding for struggling Championship club Sheffield Wednesday, told This is Money that Labor could easily boost economic growth if it created a better environment for entrepreneurs.
Howsam, who left the UK more than 20 years ago to initially live with his French ex-partner, now lives in self-imposed tax exile in Dubai.
‘Then I moved away from the UK and moved to an environment where there were more tax advantages on a personal level,’ he said.
‘If the environment was right, I would come back to England in a heartbeat.
‘And I think a lot of people would do that, but they don’t give anyone a reason, so it ends up with the smartest, richest people leaving. Imagine a company where your best employees leave all the time. How will he succeed?’
Staysure founder Ryan Howsam has been living outside the UK for the last 20 years
Changes to non-dom rules earlier this year led to warnings that Labor was undermining the UK’s tax base and risking an outflow of wealth from the country.
This follows the departure of 9,500 millionaires in 2024 alone, after 16,500 exits between 2017 and 2023, according to private wealth experts at Henley & Partners.
Meanwhile, research conducted by fund manager Rathbones shows that 12 per cent of small and medium-sized business owners in the UK – around 680,000 firms – are actively planning to move.
Howsan, who is also co-owner of the European Senior Tour’s rebranded Legends Golf Tour, founded Staysure in 2004 to target the underserved travel insurance niche for customers with pre-existing conditions.
Although the UK lost out on Howsan’s personal taxes, Staysure is headquartered in Northampton and continues to pay non-recoverable taxes of around £100 million a year.
‘The richest are absolutely beaten and driven out of the district. Take a look at Dubai; ‘It’s absolutely flying, and that’s because they’ve created the right tax environment.’
‘Obviously I appreciate that it’s very difficult, because if you try to balance the books, but [Labour] They put themselves in a position to attack any territory to collect some kind of tax.
‘This will ultimately slow down growth, which will ultimately mean they will have even less money and the situation will get worse.’
Another comeback job? Howsam is in the running to buy beleaguered hometown club Sheffield Wednesday
Ireland, Italy and Dubai: What could we be doing instead?
Howsam suggested changes capital gains tax He says this will make the country a more attractive place to do business and provide a net benefit to the Treasury.
A fixed charge of £5,000 in exchange for a reduced CGT rate of 10 per cent on future business sales would bring in as much as £100 billion to the Treasury over 25 years, according to analysis commissioned to be carried out by the Center for Research Entrepreneurs in Economics and Business.
But Howsam says this change will not be a panacea.
‘CGT is the last part; This is what entrepreneurs work for and they should be rewarded for their success. But of course you need to have a pro-business environment first.
‘Given the technology, you can now start a business anywhere in the world, so you have to give people a reason to want to start in Britain.’
Howsam believes the UK should look at efforts made by rival countries, including Dubai, to attract businesses.
He described Brexit as a ‘huge opportunity’ to create an ‘Ireland-like model’.
Ireland has been successful in attracting some of the world’s largest companies through a relatively low corporate tax rate of 12.5 percent, as well as government support for research and development and intellectual property rights.
It also highlights an Italian plan that would allow individuals to pay a flat tax of €200,000 annually on all foreign-sourced income, regardless of the actual amount earned.
Howsam said: ‘If you have the right environment you can turn things around relatively quickly.
‘This isn’t just about taxes and stuff like that. It’s about an environment where you can get up and running.
‘[Labour] They came saying they would eliminate bureaucracy, but I can assure you that the situation is exactly the opposite in insurance.
‘You can definitely come back [the economy] For sixpence if you do it right and create an environment that will bring jobs to Britain.’
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