Skip to content
Search

Latest Stories

Nearly a third' of British billionaires moved to tax havens

NEARLY a third of Britain's billionaires have either moved or are relocating to tax havens, where some have broken UK law by bankrolling political parties, a major investigation said today (7).

The Times newspaper published a series of reports detailing allegations of Britain's ultra-rich hiding billions of pounds from the UK Treasury in taxes over the past decade.


The report came out days after the government drew public fury for delaying a vote on proposed legislation aimed at ending secret company ownership in offshore territories.

"We must stop tax evasion so that the wealthiest pay their fair share," Margaret Hodge, a leading lawmaker from the main opposition Labour Party who co-sponsored the tax haven measure, tweeted in response to The Times reports.

"Public registers and more transparency are the next big step for fairer tax."

Prime minister Theresa May's government did not immediately respond to the investigation.

The Times said that 28 out of the 93 British billionaires it found through public records "have moved to tax havens or are in the process of relocating".

It said almost half of the 28 have left in the past decade.

The Times said those in the process of moving included Jim Ratcliffe, Britain's richest man and a major Brexit supporter. His chemicals firm is valued at £35 billion.

The Sunday Times reported last month that Ratcliffe's move to Monaco, where it said 10 British billionaires and 408 UK business owners live, could cost the Treasury up to £4bn.

Asked about his rumoured move last October, Ratcliffe told Britain's Press Association news agency that he was staying in Britain.

The Times said big business owners were trying to avoid paying Britain's relatively high 38.1 per cent income tax on dividends, the cash payments made by corporations to their shareholders.

It is effectively a profit tax, since business owners hold a large portion of their company's shares.

Companies registered in offshore tax shelters such as the Channel Islands or countries like Switzerland and the United Arab Emirates pay little to no tax.

The Times said the exodus was spurred by a hike in income tax rates for top earners to 50 per cent in 2010, which was reduced to 45 per cent in 2013.

New rules from 2013 making a switch in tax residency easier also contributed, The Times said.

But some of its most damning allegations concerned political contributions.

The Times said successive UK governments have failed to properly enact a 2009 law banning large donations from anyone residing abroad for tax purposes.

It said tax-evading business owners and their companies have made political contributions worth £5.5 million over the past decade.

Prime minister Theresa May's Conservatives accepted £1m from these entities in the months leading up to the 2017 snap general election, The Times said.

It added that several of these billionaires have also received honorary titles such as baron, knight and dame.

(AFP)

More For You

Satya Nadella backs £30bn Microsoft push in UK
Satya Nadella
Satya Nadella

Satya Nadella backs £30bn Microsoft push in UK

MICROSOFT CEO Satya Nadella on Wednesday (17) said the American tech giant is “doubling down” on its investments in Britain as US president Donald Trump began his state visit with the launch of a US-UK Tech Prosperity Deal.

The agreement focuses on advancing fast-growing technologies such as artificial intelligence (AI), quantum computing, and nuclear innovation.

Keep ReadingShow less
Jaguar Land Rover’s factory in Solihull, Britain

FILE PHOTO: A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain. REUTERS/Phil Noble

Government steps in as JLR cyber attack stalls output

BRITAIN's largest carmaker, Jaguar Land Rover, said a pause in production due to a cyber attack would now stretch to September 24, extending the stoppage at its plants to more than three weeks.

The luxury carmaker, owned by India's Tata Motors, said it shut down its systems in early September to contain the hack that has severely disrupted its retail and manufacturing operations.

Keep ReadingShow less
Modi & Trump

Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.

Reuters

India, US to discuss trade issues after tariff hike

INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.

India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.

Keep ReadingShow less
Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less