Third of British billionaires have moved to tax havens

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.

Dyson to move headquarters out of Britain

Since you’re here …

Real, independent, investigative journalism is in alarming decline. It costs a lot to produce. Many publications facing an uncertain future can no longer afford to fund it. This means journalists are losing the ability to hold the rich and powerful to account.

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing.

Every penny we collect from donations supports vital investigative and independent journalism. You can also help us grow by inviting your friends to follow us on social media.

Donate Now Button

Related Posts

The best (and the naughtiest signs) from the Put It To The People march
‘Over a million’ estimated at march for public to have final say over Brexit
Theresa May asked for resignation date as vote on her Brexit deal unlikely now

Leave a Reply