Moneysupermarket founder moves to Jersey for tax reasons
Simon Nixon will move to Jersey in order save tax
THE FOUNDER of price comparison website Moneysupermarket, Simon Nixon, is moving to Jersey (pictured) in order save millions of pounds in tax.
Nixon owns half the £790m company and boasts a personal fortune of £536m, placing him at 55th on the Sunday Times Rich List.
He is the latest entrepreneur to move for tax purposes, the Telegraph reports, and is set to save millions of pounds annually on tax dividends alone.
His decision to relocate comes less than a month before the Chancellor makes his Autumn Statement, in which he will attempt to enhance the UK’s attractiveness to businesses, while simultaneously addressing the issue of tax avoidance.
The reduced rates paid by multinationals such as Starbucks, Amazon, and Google has drawn wide criticism, with representatives of the trio appearing before the Public Accounts Committee in order to discuss the issue earlier this week.