It has been revealed that a third of British billionaires have moved to tax havens over the past ten years.
By becoming non-UK resident for tax purposes, wealthy people can avoid 38.1% in UK income tax on dividends and 20% in capital gains tax on the sale of shares.
The investigation was carried out by The Times newspaper, who found that 28 out of 93 British billionaires have moved to tax havens or are in the currently making plans to relocate.
They are said to be among 6,800 Britons running 12,000 UK firms from low-tax jurisdictions.
Many of those who left the UK have been awarded honours or hold titles.
The Times says: “It is inequitable and unconscionable when the very wealthy can influence British public policy while not being subject to it in the same way as everyone else.”
Sir Jim Ratcliffe revealed to be moving to Monaco and working with accountants on a legal tax-avoidance plan that it is claimed could deny the Treasury up to £4bn in tax receipts.