A spokesman for the Egyptian-born tycoon said that the decision by the Court of Session in Edinburgh could have ‘huge ramifications’ for taxpayers who enter into agreements with the taxman. ‘Mr Fayed always thought the action the Inland Revenue took was wrong and that he was singled out,’ said the spokesman. ‘He told me this could seriously damage the economy and turn away wealthy investors.’
But the Revenue was adamant: ‘We entered into an agreement in good faith, which we later recognised was inappropriate,’ a spokesman said.
Under that agreement, drawn up in 1997, Al Fayed paid just £240,000 in tax a year.
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