Sir Peter Wood, the founder of Direct Line and Esure, has moved his tax residence from the UK to the United States, he has told The Times, saying the switch brings “no meaningful benefit” on tax.
Wood, whose wealth is estimated at £795m, said he moved his residence in 2025 to Florida, where he has a home in Palm Beach. He turns 80 next month.
“The reason is simple. I’ve owned a house in Boston for 30 years. I’ve had a house in Palm Beach for 20 years,” he told the newspaper.
Wood has developed properties in the US and has been a director of Plymouth Rock Assurance in Boston for three decades, The Times reported. He also said he preferred the warmer winters.
He told the newspaper the decision was not motivated by the UK’s political or tax environment, although he said he was “disappointed in all politicians”.
Tax position
Asked about the tax implications of the switch, Wood said: “It’s a different system there. But it’s no meaningful benefit. Some areas are much better and some are much worse.”
He added: “Will I pay more or less tax? To be honest, I’m not even sure. I mean I paid a lot of tax in the UK. I paid hundreds of millions”.
The Times said the move came amid concerns about a series of departures by high-net-worth individuals from the UK and a clampdown on non-dom tax rules.
The rules for non-UK domiciled individuals ended on 6 April 2025 and were replaced by a system based on tax residence, according to HM Treasury.
Business Matters reported last week that the property tycoon David Reuben had left London for Monaco, a move confirmed by a spokesman for the Reuben brothers.
Business Matters also reported on Tuesday that the entrepreneurs Luke Johnson and Hugh Osmond had commented on the departure of large taxpayers, before the Budget on 28 October. Johnson, the co-owner of Gail’s Bakery, said: “It is a disaster for the country that big taxpayers and important investors are leaving.”
John Healey, the chancellor, has said his first Budget will be “built on fiscal discipline”.
Wood has donated more than £1.5m to the Conservative Party, including £500,000 before the 2024 general election, according to electoral records cited by The Times.
He also owns a large collection of Margaret Thatcher’s outfits, bought at a Christie’s auction in 2015, the newspaper reported.
His other ventures have included backing and running GoCompare, the price comparison business. More recently he was part of a consortium that acquired Dignity, one of the UK’s largest funeral companies, which is now called Life Services Group, according to The Times.
Wood told the newspaper he continued to support the UK. He is a large donor to University College London, where he has sponsored several PhD students in cancer research, The Times reported.
New insurance venture
Wood is preparing to launch a new insurance venture in 2027, which The Times said would be his eighth. It will operate initially in the motor market and he will back it with £5m of seed funding, the newspaper reported.
The venture plans to open a claims office in Manchester, according to The Times.
“With the new technologies, it’s a great time to build a new business,” Wood said. “With AI and machine learning, it provides us a great opportunity to develop something from scratch.”
