Sir Jim Ratcliffe, the UK’s richest person and high-profile Brexiter, has quit Britain for tax-free Monaco.
Ratcliffe, a petrochemicals magnate with an estimated £17.5bn fortune, has this week officially changed his tax domicile from Hampshire to Monaco, the sovereign city-state that is already home to many of the UK’s richest people.
It has been estimated that the move will save him £4bn in tax payments. People who live in Monaco for at least 183 days a year do not pay any income or property taxes. The highest tax rate in the UK is 45% on income above £150,000-a-year.
Before he left for Monaco, Ratcliffe was the UK’s third-highest individual taxpayer, paying £110m to the exchequer in 2017-18, according to the Sunday Times tax list.
His decision to quit Britain came soon after he was knighted by the Queen for “services to business and investment”, and the UK voted to leave the European Union. » | Rupert Neate, Wealth correspondent | Friday, September 25, 2020
