UK's richest Brexiteer moves to tax-free Monaco

Billionaire Brexit backer Jim Ratcliffe. Photograph: PA. - Credit: Archant

The UK’s richest Brexiteer has officially moved to tax-free Monaco, saving himself nearly £4 billion in tax payments.

Sir Jim Ratcliffe, who had an estimated fortune of £17.5 billion, has left Britain for the sunny principality in the south of France.

He changed his tax domicile from Hampshire to Monaco, the sovereign city-state that has a laxed tax code and is home to many of the world’s richest people.

It has been estimated the move will save him £4 billion in tax payments.

The Brexiteer paid £110 million in taxes in 2017-18, according to the Sunday Times tax list.

His decision to leave Britain came soon after he was knighted by the Queen for “services to business and investment”.

Ratcliffe, the founder and chief executive of petrochemicals company Ineos, was an ardent supporter of the Vote Leave campaign, declaring that the UK would thrive without red tape from Brussels.

After the referendum, he urged the government to adopt a tough approach to negotiations with the EU, saying: “We must listen, we must be unwaveringly polite and retain our charm. But there is no room for weakness or crumpling at 3am when the going gets tough and most points are won or lost.”

Ratcliffe, who owns 60% of Ineos, has seen his personal fortune increase from an estimated £9.5bn in January 2019 to £17.5bn today, according to the Bloomberg billionaires index. That estimated wealth has increased by £1.25bn so far this year alone, despite the coronavirus pandemic.

His official status as a Monaco resident was recorded at Companies House, where he updated his details as a director of private jet company Hampshire Aviation.

In a statement, a spokesperson for Ineos said: “We don’t comment on the personal details of our directors and employees.”