UK's richest Brexiteer ditches UK to live in tax-free Monaco
- Credit: Archant
The UK's richest Brexiteer has officially moved to tax-free Monaco, saving himself nearly £4 billion in tax payments.
Sir Jim Ratcliffe, who had an estimated fortune of £17.5 billion, has left Britain for the sunny principality in the south of France.
He changed his tax domicile from Hampshire to Monaco, the sovereign city-state that has a laxed tax code and is home to many of the world's richest people.
It has been estimated the move will save him £4 billion in tax payments.
The Brexiteer paid £110 million in taxes in 2017-18, according to the Sunday Times tax list.
You may also want to watch:
His decision to leave Britain came soon after he was knighted by the Queen for "services to business and investment".
Ratcliffe, the founder and chief executive of petrochemicals company Ineos, was an ardent supporter of the Vote Leave campaign, declaring that the UK would thrive without red tape from Brussels.
- 1 Empty shelves are partly down to Brexit - but Leavers won't admit it
- 2 Why Bristol is the street art city
- 3 The Spanish village with the mythical blue lagoon
- 4 Telling the truth is now the only sackable offence
- 5 Has something shifted in sado-populist Britain?
- 6 What I learned by avoiding England and the Euros
- 7 Cost of Brexit is already 38 times more than the money set aside for levelling up
- 8 A very nearly enchanted evening
- 9 Boris Johnson: The sado-populist prime minister
- 10 Priti Patel - the poster girl for our poisonous politics
After the referendum, he urged the government to adopt a tough approach to negotiations with the EU, saying: “We must listen, we must be unwaveringly polite and retain our charm. But there is no room for weakness or crumpling at 3am when the going gets tough and most points are won or lost.”
Ratcliffe, who owns 60% of Ineos, has seen his personal fortune increase from an estimated £9.5bn in January 2019 to £17.5bn today, according to the Bloomberg billionaires index. That estimated wealth has increased by £1.25bn so far this year alone, despite the coronavirus pandemic.
His official status as a Monaco resident was recorded at Companies House, where he updated his details as a director of private jet company Hampshire Aviation.
In a statement, a spokesperson for Ineos said: “We don’t comment on the personal details of our directors and employees.”
Become a Supporter
The New European is proud of its journalism and we hope you are proud of it too. We believe our voice is important - both in representing the pro-EU perspective and also to help rebalance the right wing extremes of much of the UK national press. If you value what we are doing, you can help us by making a contribution to the cost of our journalism.