Monaco millionaires face crackdown

Tax advisers say that a Special Commissioners' judgment has changed the way the government treats so-called 'Monaco millionaires'.

Wealthy individuals based in tax havens who commute to the UK to work for part of the week could be hit by the ruling, which relates to millionaire Seychelles businessman Robert Gaines-Cooper.

Mike Warburton, of Grant Thornton, says the judgment means that a Monday to Wednesday vist, hitherto treated as one day, would now be regarded as two days, if two nights are spent in the UK.

That could draw a whole host of people into the UK tax net. Philip Green, the billionaire retailer, and his wife Tina, could be affected, some advisers are saying.

The case is said to go against HMRC guidance on the issue, which may now be changed.

Further reading

Tax havens lose some attraction as Revenue goes on the offensive

Special Commissioners' judgments