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.
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals