As a result of a new ownership structure to the Arcadia Group, which owns Top Shop and Dorothy Perkins, Green appears to have formally passed control of the company to his wife, Tina.
A company called Taveta Investments, incorporated in Jersey, was used to acquire Arcadia Group in 2002, and its controlling parties are recorded as CS Green and her immediate family.
According to reports in The Guardian, Green is a UK taxpayer but his wife is resident in Monaco.
Under normal circumstances, if Mr Green controlled Arcadia through a Jersey trust and corporate structure, the Inland Revenue could tax any dividend payments he received irrespective of where they were paid. However, with Mrs Green controlling Arcadia, her Monaco residency means the dividends paid from that group will avoid any tax liability for the family.
It follows that if the same structure is applied to Mr Green’s Bhs stores group, it could generate a further £130m tax saving on the £400m dividends the business has paid to the Green family over the last three years.
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