Monaco 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

Supreme Court rules against Pimlico Plumbers in landmark employment case

Legal Supreme Court rules against Pimlico Plumbers in landmark employment case

1m Alia Shoaib, Reporter
Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3m Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

4m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

6m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

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

7m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

8m 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

9m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

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

9m Emma Rawson, ATT Technical Officer