Ian Hogarth, chair of the UK’s AI Security Institute and co-founder of investment firm Plural, has shifted the company’s headquarters from London to Estonia. The move has raised critical concerns about the growing number of tech investors and founders relocating from Britain amid fears of new tax measures.
Hogarth, who launched Plural in 2021 with Wise co-founder Taavet Hinrikus, recently restructured the company, transferring ownership from Plural UK Management to a new Estonian entity called AS Plural Estonia. According to company filings, the change was completed in February.
In a statement, Plural said the decision was made to “maximise operational efficiencies and flexibility,” adding that the new structure is “most aligned with Plural’s long-term success.” The company, which has invested in AI startup Robin and quantum firm Phasecraft, confirmed it will continue its current UK operations. The relocation comes as tech entrepreneurs express concern over the government’s reported plans to introduce an “exit tax.” Chancellor Rachel Reeves is said to be considering the measure, also known as a “settling up tax,” which would impose a 20 per cent charge on gains for individuals leaving the UK.
The Startup Coalition, a major tech policy group, has urged the government to reject the proposal, warning that such a move could drive innovation away. In an open letter to the Chancellor signed by hundreds of tech leaders, the group said the tax would “not only tell founders that their ideas and innovations aren’t welcome, but that they should either get out early or not come at all.” The letter added, “Instead of rebuilding trust with entrepreneurs, a potential exit tax sends the opposite message: the beatings will continue until morale improves.”
Several high-profile tech founders, including Revolut’s Nik Storonsky and Checkout.com’s Guillaume Pousaz, have already moved their residencies abroad. Plural’s relocation also aligns with its broader goal of achieving “GDP-level impact in Europe.” The firm recently opened a new Paris office and welcomed former Uber executive Pierre-Dimitry Gore-Coty as a partner, reflecting its growing focus on the European tech ecosystem.
Plural’s move to Estonia marks a pivotal moment for the UK’s tech sector. As debates over an exit tax intensify, Britain’s reputation as Europe’s innovation hub may hinge on how it balances fiscal policy with founder confidence. If relocation becomes the logical choice, the UK risks losing not just capital but the talent and innovation that fuel its growth.
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