Sir Jim Ratcliffe, the UK’s richest individual and high-profile Brexiter, has give up Britain for tax-free Monaco.
Ratcliffe, a petrochemicals magnate with an estimated £17.5bn fortune, has this week formally modified his tax domicile from Hampshire to Monaco, the sovereign city-state that’s already dwelling to lots of the UK’s richest folks.
It has been estimated that the transfer will save him £4bn in tax funds. Individuals who stay in Monaco for not less than 183 days a yr don’t pay any revenue or property taxes. The very best tax price within the UK is 45% on revenue above £150,000-a-year.
Earlier than he left for Monaco, Ratcliffe was the UK’s third-highest particular person taxpayer, paying £110m to the exchequer in 2017-18, in accordance with the Sunday Occasions tax listing.
His choice to give up Britain got here quickly after he was knighted by the Queen for “services to business and investment”, and the UK voted to depart the European Union.
Ratcliffe, the founder and chief govt of petrochemicals firm Ineos, was an ardent supporter of the vote depart marketing campaign, declaring that the UK would thrive with out crimson tape from Brussels.
After the referendum, he urged the federal government to undertake a troublesome method to negotiations with the EU, saying: “We should hear, we have to be unwaveringly well mannered and retain our appeal. However there is no such thing as a room for weak point or crumpling at 3am when the going will get powerful and most factors are received or misplaced.”
Ratcliffe mentioned the EU wanted entry to the UK’s market as a lot as Britain wanted entry to the EU’s. “Always remember that we have now an honest set of playing cards,” he mentioned, including: “Mercedes is just not going to cease promoting vehicles within the UK. And London is without doubt one of the two key monetary centres, and that isn’t going to alter.”
Ratcliffe, who owns 60% of Ineos, has seen his private fortune improve from an estimated £9.5bn in January 2019 to £17.5bn in the present day, in accordance with the Bloomberg billionaires index. That estimated wealth has elevated by £1.25bn to date this yr alone, regardless of the coronavirus pandemic.
His official standing as a Monaco resident was recorded at Firms Home, the place he up to date his particulars as a director of personal jet firm Hampshire Aviation.
Different wealthy Britons who’ve moved to Monaco embody the Topshop boss Sir Philip Green and his wife Tina; the property billionaires Simon and David Reuben; John Hargreaves, the founder and chairman of Matalan; and Method One driver Lewis Hamilton.
In an announcement, a spokesperson for Ineos mentioned: “We don’t touch upon the non-public particulars of our administrators and staff.”