Tax ruling forces Al Fayed overseas

Tax ruling forces Al Fayed overseas

An Inland Revenue tax ruling has forced Mohamed Al Fayed, the charismatic Harrods owner who has been seeking British citizenship for over a decade, to pack his bags and relocate to Geneva.

Link: Brown clamps down on super rich tax deals

The ruling, which comes into force next month, brings to an end a special agreement that limits his tax on foreign earnings to £240,000 a year.

A statement issued on his behalf claims that the Revenue has singled him out from most non-domiciled taxpayers. ‘The grossly unfair treatment finally convinced me that, for the sake of my family, the time has come to leave,’ reads the statement. ‘My record shows that I have contributed enormously to the economy, business infrastructure and social fabric of this country over many years.’

The Revenue ruling will bring the non-domicile tax argument out in to the open ahead of next week’s Budget speech.

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