News | Published March 07 2019

Times investigation shows a third of UK billionaires now live in tax havens

An investigation by The Times revealed yesterday that a third of UK billionaires have emigrated to tax havens.

The investigation showed the extent of the issue, showing that the last ten years has seen a dramatic increase in the number of billionaires living abroad.

It was calculated that 6,800 UK citizens are now living in tax havens, while still remaining in control of 12,000 British firms.

Of the 93 British billionaires, 28 are living in tax havens and nearly half of those have moved in the last ten years.

The Times revealed earlier this week that Britain's richest man Sir Jim Ratcliffe was now living in Monaco.

Ratcliffe is worth an estimated £35 billion, while his industrials group Ineos is the UK's largest private company.

The report showed that a number of the people living in tax havens had continued to donate to British political parties, with £1 million being received by the Conservative Party in advance of the 2017 general election.

It was also calculated that a total of £5.5 million had been received by British political parties since 2009.

In response to the findings Labour MP Ben Bradshaw said: "Given a number are major donors to the Conservative Party and Mrs May this week pulled the Finance Bill because MPs were going to force financial transparency on the UK’s crown dependencies, the prime minister herself has serious questions to answer."

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Authored by

William Winter
March 07 2019

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