A Yorkshire billionaire who relocated from the UK to Dubai states he would return home immediately if the government introduced specific tax incentives. Ryan Howsam, founder of specialist travel insurance firm Starsure, emphasizes that such measures could attract numerous high-net-worth individuals back amid escalating regional tensions involving Iran.
Tax Proposal Details
Howsam suggests a simple £5,000 flat fee for UK returnees from Dubai, exchanged for a 10 percent reduction in capital gains tax on proceeds from future business sales. He has contacted government ministers with this idea but awaits a response.
“You’ve got families who are trying to make it [in Dubai], and these people are driving the economy. Some of them might be more reticent to go back to Dubai with a family on the back of the potential risks,” Howsam stated. “One of the measures that the Government could and should have done is take that opportunity to signal a package of tax measures and they’d have had a whole heap of people back in a heartbeat.”
Business Success and Relocation
Howsam launched Starsure in 2004 to offer travel insurance for individuals with pre-existing medical conditions. Two decades later, he sold a minority stake to a private equity firm, valuing the company at over £800 million. His personal net worth stands at approximately £1 billion.
Although he has resided primarily in Dubai—without full-time UK living for more than 25 years—Howsam recently purchased a Georgian townhouse in London. He plans to convert it into an exclusive club for entrepreneurs, with membership fees based on ability to pay. “We’ll be working from there, but as part of the club we will be introducing [members] to people of influence in the entrepreneur world on business, so they can learn,” he explained.
Lifestyle and UK Ties
Howsam clarifies his initial move to Dubai stemmed from factors beyond taxes, though he benefits from the city’s lack of personal capital gains or income tax. He was not in Dubai when Iran’s recent missile activities began, attending a golf tournament in Marbella instead.
Maintaining strong UK connections, he owns property on the grounds of Wentworth golf club and a collection of luxury vehicles, including a unique Aston Martin Vanquish autographed by Daniel Craig for Skyfall.
