Always worrying when someone uses Bubba as an information source:
In 2006, using figures calculated by campaigning accountant Richard Murphy, the BBC\’s Money Programme reported that Philip Green and his family had saved themselves nearly £300m the previous year living partly in Monaco, where residents do not have to pay income tax.
For it\’s sorta true but rather misleading.
The shares in the holding company are not owned by Sir Philip. They\’re owned by his wife. Who is South African and a resident of Monaco. So the dividends are not taxable in the UK….just as they would not be with any other dividend payments to a foreigner not resident in the UK.
We could equally say that the Arab investment fund which owns a chunk of Barclay\’s is avoiding tax, BMW is avoiding tax on the Mini plant and so on.