Thursday, 20 September 2012

Tax dodging in forrin land

More than 2,000 Britons who live in the tax haven of Monaco are costing the UK economy £1billion a year in lost revenue, it was claimed last night
Ex-pats living in the principality are free to get honours, fund political parties and run businesses while escaping the taxes that apply to other citizens.
To live in Monaco there are rules set by HM Revenue and Customs that Britons have to meet, including an ability to prove they have made a ‘definite break’ with Britain.
So they don't pay UK tax because they live abroad and don't have taxable income/gains/etc. in the UK. Well I don't pay tax in Spain because I live in the UK and don't have taxable income/gains/etc. in Spain. Funny that.

(And as far as I'm aware, it's Philip Green's wife who lives in Monaco...)

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