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.
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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