Höfe in Schwyz will cut its basic rate of income tax from 17% to 15% next year, in an attempt to attract more UK based hedge funds. 25% of hedge fund managers have already moved to Switzerland from London following the 50% rate of personal income tax introduced by the previous UK government. One village in the area of Höfe, Pfäffikon, has already registered 300 businesses this year and UBS has recently established a base there.

Source: guardian.co.uk/18.10.2010