If he moves to the UK, he’ll become UK tax resident, and be subject to tax on that income 6 But not his unremitted French income/gains, because he will be a “ non-dom“.
They left the UK, sold the business (or received the dividend) and made a large tax-free gain/profit. They built up a successful business, and were about to make a large amount of money from that business (perhaps by selling it perhaps through a large dividend). Most of these people left the UK for a very specific reason. Looking at the Sunday Times “Rich List”, I’m struck by how few of those listed still live in the UK. Some estimate that one in seven British billionaires now live in tax havens others one in three. Lewis Hamilton (racing), Tina Green, the Barclay brothers, Richard Branson, David and Simon Reuben (property), John Hargreaves (Matalan), Terry Smith (fund manager), Steve Morgan (housebuilder Redrow), David Rowland (financier), Joe Lewis (Tavistock Group), Anthony Buckingham (Heritage Oil), David Ross (Carphone Warehouse, Mark Dixon (IWG) 3 Dixon’s Wikipedia article says he voluntarily pays tax in the UK. I don’t think he really belongs in it – he left the UK for tax security reasons, but given he wasn’t born here, and didn’t make his money here, he shouldn’t be on the list. Just to start: Sir Jim Ratcliffe (Ineos), 2 The original version of this article included Toto Wolff, the motorsport executive.
I confess this always seems a little unreal to me. There is a longstanding debate in some circles on whether, and to what extent, people in general move in response to high taxes (often based around studies of US state taxes).
But there’s a bigger question: why does the UK make it so easy to become a tax exile? Tax exiles Sugar would also have to show that, if he had been properly advised, he would have resigned his seat in the Lords, and then remained non-UK resident for five years – and demonstrating these kinds of counter-factual questions isn’t always easy). The advisers may also be able to point to limitations of liability in their standard terms – accountants often limit liability to £1m (or thereabouts), even on very large transactions, and whether these limitations apply in a particular case is often a difficult question. However, we don’t know all the circumstances, what questions were asked, and whether advice was preliminary or definitive.
#Charley skedaddle questions professional#
It’s a fun story (not for Alan Sugar, and not for his advisers, who the Sunday Times says he’s now suing 1 Most professional negligence claims settle well before reaching a court, but on on the face of it this looks like a slam-dunk. The CRGA means that, as a member of the House of Lords, he would have been UK tax resident whether he lived in Basingstoke, Sydney or on the Moon. So the answer as to why Lord Sugar failed to become a tax exile is easy. Somehow neither Sugar, his team, or his advisers ever thought to do a simple Google search: The idea was that he’d cease to be UK resident, and so would escape £186m of tax on some very large UK dividends. Trending Questions What carol has words tis the season to be jolly? Royal stetson hat and an empire state fashion godfather hat.The Sunday Times has a remarkable story that Lord Sugar tried to avoid tax by leaving the UK for Australia.
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