Sir Jim Ratcliffe, UK’s richest person and top Brexiter, left Britain for a tax-free Monaco
Ratcliffe, a petrochemical magnate with an estimated £ 17.5 billion in fortune, this week officially changed his tax domicile from Hampshire to Monaco, the sovereign city-state already home to many of the UK’s wealthiest people. Plain
It is estimated that the move will save him £ 4 billion in tax payments People residing in Monaco at least 183 days a year do not pay income or property taxes The tax rate on highest in UK is 45% on income over £ 150,000 per year
Before leaving for Monaco, Ratcliffe was the third highest individual taxpayer in the UK, paying £ 110million to the Treasury in 2017-18, according to the Sunday Times tax list
His decision to leave Britain came shortly after being knighted by the Queen for ‘business and investment services’, and the UK voted to leave the European Union
Ratcliffe, founder and managing director of petrochemical company Ineos, was a strong supporter of the vote holiday campaign, saying the UK would thrive without the red tape from Brussels
After the referendum, he urged the government to take a firm approach to negotiations with the EU, saying: “We have to listen, we have to be steadfast and keep our charm But there is no room for weakness or wrinkling at 3 a.m. when the going gets tough and most points are won or lost «
Ratcliffe said the EU needs UK market access just as much as Britain needs EU market access “Never forget we have a decent deck of cards,” he said, adding: “Mercedes is not going to stop selling cars in the UK And London is one of the two main financial centers, and that will not change «
Ratcliffe, who owns 60% of Ineos, saw his personal fortune increase by around £ 95 billion in January 2019 to 17 £ 5 billion today, according to the Bloomberg Billionaires Index This estimated wealth has increased by £ 1.25 billion so far this year alone, despite the coronavirus pandemic
His official Monaco resident status was registered at Companies House, where he updated his details as a director of private jet company Hampshire Aviation
Other wealthy Britons who have moved to Monaco include Topshop boss Sir Philip Green and his wife Tina; real estate billionaires Simon and David Reuben; John Hargreaves, founder and president of Matalan; and Formula 1 driver Lewis Hamilton
In a statement, an Ineos spokesperson said, « We do not comment on the personal information of our directors and employees »
Jim Ratcliffe, UK, INEOS, Monaco
World News – UK – Sir Jim Ratcliffe, UK’s richest person, moves to Monaco free of tax
