The so-called 'Monaco millionaires' must be quaking in their boots with the news of a Court of Appeal win for the Government ruling against Rupert Gaines-Cooper, liable for £30 million in back taxes despite 30-odd years of living in the Seychelles.
The rallying cry seems to be 'pay up or move out'. The ruling may affect the likes of:
- Sir Philip Green, Topshop entrepreneur;
- Guy Hands, private equity big cheese;
- Lord Ashcroft, deputy Chairman of the Conservative party and off-shore businessman;
- Lewis Hamilton, Formula 1 motor-racing driver;
- Zac Goldsmith, environmentalist and Tory party candidate for Richmond Park;
- Phil Collins, beat combo icon;
- Sir Sean Connery, Scotland's favourite acting export;
- David Beckham, English football's ageing midfield ambassador;
- The Spice Girls, Girl Power applied to tax avoidance;
- The Barclay brothers, secretive media and retail business investors.
Other countries have even more punitive tax regimes, so there may not be much option but to contribute what they should be the national pot. Apart from renouncing British citizenship, of course, but they will have to pay tax somewhere.
Tax accountants will now be earning their corn for their rich clients ...
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