Brexit-backing billionaire’s move to Monaco will save him millions in tax
Grangemouth owner Jim Ratcliffe is to move to Monaco in a relocation that will save him millions of pounds in tax every year.
The tycoon is the UK’S richest man, worth about £ 18 billion, and owns 60% of petrochemical firm Ineos – owner of Scotland’s Grangemouth refinery.
He last week changed his tax domicile from Hampshire to Monaco and, if he spends 183 days a year there, he will not have to pay any UK taxes. Before he left for Monaco, Ratcliffe was the UK’S thirdhighest individual taxpayer, paying £ 110m to the Exchequer in
2017-18. The Ineos boss, 67, has also been an outspoken Brexiteer.
Ratcliffe, a prominent Brexiteer, urged the government to get tough over EU negotiations, saying: “We must be unwaveringly polite and retain our charm – but there is no room for weakness or crumbling at 3am when the going gets tough and most points are won or lost.” Hi s 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, Ineos said: “We don’t comment on the personal details of our directors and employees.” Ratcliffe’s move has not gone down well with everyone, including former Public Accounts Committee chairman Dame Margaret Hodge, who said: “It seems he is so rich he can’t afford to pay his taxes. While his tax contributions to the public purse will be missed, I’m not sure the same can be said about him.”