Ineos founder Jim Ratcliffe ‘to move to Monaco to save £4bn in tax’

Cornelia Mascio
Febbraio 18, 2019

Britain's richest man, Sir Jim Ratcliffe, is reportedly planning on leaving the United Kingdom, to set up his home and fortune in Monaco.

According to the Sunday Times, Sir Jim Ratcliffe, who is and a prominent Brexiteer, has been working with global accountancy firm Pricewaterhouse Coopers (PwC) to help with the tax plan.

Ratcliffe is the founder of petrochemicals empire Ineos and he has an estimated fortune of £21bn.

The plan would leave the Treasury short of between £400 million and £4 billion per year and has been described by a source as "egregious".

This would make Ratcliffe one of many pro-Brexit supporters to make the move from the United Kingdom, including James Dyson moving his company to Singapore, John Redwood advises investors to put their money outside of Britain, Jacob Rees-Mogg's firm opening funds in Dublin, and Nigel Lawson seeking French residency.

"I'm amazed, as this is a super-rich person". We're not talking about someone who is on his uppers or something like that.

"Don't they realise that every penny they hide away in their tax havens is a penny not spent on our NHS treating the sick, or social care looking after our lonely, isolated elderly, or the education of our children?"

The company added: "We have just announced a €3bn [£2.6bn] investment in Antwerp [in Belgium] and the $1.1bn purchase of Ashland composites [a maker of resins for boats] with more to come".

Sir James Ratcliffe, Chairman and Chief Executive Officer of Ineos Chemicals Group, .

Responding to the Sunday Times, PwC said: "Consideration is given to all matters handled by PwC of this nature..."

PwC told The Sunday Times: "PwC can confirm that it did not consider there was any reason to terminate its relationship with Ineos".

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