Matalan chief steps down for tax reasons
High-profile entrepreneur and Monaco tax-resident John Hargreaves steps down from the helm of retail chain he founded
Matalan founder John Hargreaves has stepped down as chairman for personal
reasons – thought to be tax-related.
Hargreaves, who set up the retail chain in 1985, is resident in Monaco.
The
Observer reported this weekend that Hargreaves, though near retirement age
at 63, has made the move because as a non-resident he can spend only 90 days a
year in the country.
HM Revenue & Customs recently made it harder for so-called ‘Monaco
millionaires’ by saying that they would include the days travelled into the
country in the 90-day figure.
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