Britain’s richest man, the Brexit supporter Sir Jim Ratcliffe, and two of his key lieutenants at chemicals firm Ineos have reportedly been planning to save up to £4bn in tax after moving to Monaco.
The company, which is valued at about £35bn, is working with tax experts at PricewaterhouseCoopers (PwC) to create a new structure for the business to dramatically reduce the tax paid on its global revenues, according to the Sunday Times.
Ratcliffe, who has lobbied to weaken green taxes and reduce restrictions on fracking, owns 60% of Ineos, which made profits of more than £2.2bn last year and employs 18,500 people. His top two lieutenants at Ineos, Andy Currie and John Reece, each own 20% of the company worth £7bn and were also reported to be moving to Monaco and involved in the tax avoidance plan. » | Sarah Butler | Sunday, February 17, 2019
