Ritchie in The Guardian

He\’s still not noticed that Belgium doesn\’t have a capital gains tax…..

12 thoughts on “Ritchie in The Guardian”

  1. I was interested that he thought LVMH only sold stuff to the “world’s mega rich”.

    Or perhaps just subtly letting Mrs Murphy know she won’t be getting her anticipated bottle of Christian Dior’s J’Adore this Christmas.

  2. There was one comment that might make sense:

    “Or maybe it is about an eventual move to Monaco. French citizens living in Monaco are bound by law to pay their taxes in France. But if Arnault renounces his French citizenship in favour of Belgian nationality, he will no longer be bound by such legislation.”

    Other than that, what about inheritance tax? That’s more likely to be affected by citizenship (as a sign of domicile) rather than just residence. But I don’t know much about Frog inheritance tax.

  3. Belgium is a good country to be rich and live in – no capital gains – but a bad country to be rich and die in – swingeing inheritance tax. As for Monaco, arnault was quoted specifically saying he was not renouncing French citizenship, so that’s not the answer.

  4. One does wonder whether this is a sensible move economically by Arnault.

    A luxury goods brand depends on maintaining a desirable reputation so as to charge premium prices. If LVMH gets tainted as “unpatriotic” then what does that do for sales and thus LVMH’s share price and Arnault’s wealth.

    After all there are plenty of alternatives to Moet champagne and Louis Vuitton luggage.

    It may not bother the Chinese consumers much but the French consumer is still a significant share of sales.

  5. What a moron – As I hasten to add, this gentleman will be running the UK’s Gulags/ Tax Policy from shortly after Ed Miliband’s victory in 2015!

  6. Shinsei67

    “A luxury goods brand depends on maintaining a desirable reputation so as to charge premium prices. If LVMH gets tainted as “unpatriotic” then what does that do for sales and thus LVMH’s share price and Arnault’s wealth.”

    It would probably do it very well as I would suspect that most affluent clients would at the very least be sympathetic and very likely also be considering to move or already have moved away from high-tax countries.

  7. Timmeh>

    Do us all a favour and stop reading the Guardian. No-one important pays the slightest bit of attention to the ranting and propaganda they call news.

  8. @#10
    Unfortunately your no-one important includes most of the media people who set the news agenda. So it gets rammed down the throats of the viewing/listening public 24/7

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