TaxPersonal TaxMonaco millionaires face crackdown

Monaco millionaires face crackdown

Gaines-Cooper case will change the way tax exiles are treated, advisers say

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

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

3w Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

5m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

5m Alia Shoaib, Reporter