BRITAIN’S richest man could save up to £4billion in tax with his move to Monaco, it’s been revealed today.
Despite being knighted less than a year ago for his services to business, Sir James Ratcliffe is upping sticks and moving abroad with help from PwC.
The British-born Brexiteer, who is behind the chemical giant Ineos, has been working with accounts on his plans, The Sunday Times revealed.
It would save him and his two senior executives between £1billion and £10billion tax-free, the paper claims.
That would see a huge cost to the Treasury’s coffers of between £400m and £4billion.
The numbers have yet to be finalised, the paper understands, but it comes just weeks after Brexit billionare Sir James Dyson also revealed he would move the headquarters of his business empire to Singapore.
John McDonnell, the shadow chancellor, said: “The greed of these super-rich tax avoiders seems to have no bounds.
“Don’t they realise that every penny they hide away in their tax havens is a penny not spent on our NHS treating the sick, or social care looking after our lonely, isolated elderly, or the education of our children?”
The Brexit-supporting businessman, who owns two yachts and a string of properties, will relocate alongside two other senior executives at the company, but its HQ will stay in London, the Daily Telegraph revealed. last year.
Sir Jim already owns a property in Monaco on the Mediterranean coastline.
Sir Jim recently said that he looks forward to Britain throwing off the shackles of Brussels when we finally quit the EU.
He said: “The Brits are perfectly capable of managing the Brits and don’t need Brussels telling them how to manage things.
“I just don’t believe in the concept of a United States of Europe. It’s not viable.”
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The joiner’s son, who grew up in a council house, was named Britain’s richest man in the Sunday Times Rich List last year.
He founded Ineos in 1988, which employs more than 18,500 people at 181 sites in 22 countries.
Ineos refused to comment on Sir Jim’s move, but said the company was committed to remaining in London.
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