The French Riviera is become packed with some of the UK’s richest company
directors and business celebrities, as they exploit a tax loophole to
avoid higher income tax rates charged by HM Revenue & Customs.
Among the more than 650 wealthy individuals living in Monaco are
recently-knighted retailer Philip Green and Easyjet founder Stelios
Haji-Ioannou, according to research by The Guardian.
Astonishingly, the top 10 residents living along the French Riviera who have
UK interests control family assets worth more than £13.5bn.
They and the others with UK ties are exploited a tax loophole which allows
non-residents 90 days a year in Britain, plus the day of travel out and the day
of travel back, meaning they can pay taxes at the lower Monaco rate.
This means businessmen can work four days a week in the UK for most weeks in
the year without breaking the rules.
It takes less than an hour to fly from London to Monaco.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy