Ocado chief slams non-dom move

Waitrose delivery business chief says it would not have got off the ground without non-dom funding.

Written by Alex Hawkes

The co-founder of Ocado has said the business would not have got off the ground without funding from non-doms, becoming the latest business figure to criticise the government's crackdown.

Jason Gissing said: 'We are irritated because the Chancellor has increased capital gains tax in a knee-jerk reaction to criticism of the private equity industry. [The tax] actually penalises people like us who have started a business, created 3,000 jobs and created a new service. Then he says he’s going to penalise the nondoms who finance businesses like ours and get them off the ground.'

Advertisement

Ocado is understood to have raised half of its £300m start-up funding from non-doms, The Times reported. The business delivers Waitrose goods.

Separately, the paper reported that Tory donors had been furious about the party bringing up the idea of taxing non-doms, which it did prior to the government announcing its plans.

One donor said: 'When the Conservatives came up with the idea of a charge I know a lot of people were very, very annoyed because they felt that the party was opening up Pandora’s Box and giving Labour the opportunity to move on the issue.'

Further Reading:

Tags:

Comments

White papers

Related jobs

More Accounting jobs

Spotlight

Ted Bell, Abel and Cole FD

Profile: Ted Bell, FD of Abel and Cole

The combination of the online shopping boom and a hunger...

Top 30 Accounting Networks and Associations 2008

The race to become the biggest firm on the planet...

Barack Obama Accountancy Age cover October 2008

Obama: asset or liability?

What an Obama presidency could mean for you

Find your next job

Find your next job
Salary Checker

Job of the week

More finance jobs

Newsletters

Sign up here for the very latest news delivered to your inbox. Choose from the following options:

Your next job

Have your say

Will proposed tax cuts help to stimulate the economy?
Yes
No

Advertisement

Search white papers

Search white papers

Advertisement