Jersey – you’re sooo moneysupermarket.com. The island of Jersey is expected to be the new home of Simon Nixon, the multimillionaire founder of the price comparison site, which would allow him to shelter his £400m fortune from HM Revenue & Customs.
A move by Nixon, who owns just under 50% of the company and who – only two months ago – cashed in some shares to benefit from entrepreneur’s tax relief, is likely to spark fresh concern about tax avoidance by British businesspeople and major multinational firms.
Earlier this week, senior executives from Amazon, Starbucks and Google were accused of diverting hundreds of millions of pounds in UK profits to secretive tax havens during a fraught exchange with a committee of MPs.
All three repeatedly denied accusations that they were engaged in aggressive tax avoidance, but were met with derision from members of the committee.
Nixon’s relocation to Jersey is likely to save the 44-year-old, who currently lives in Cheshire, millions of pounds in tax that he pays on dividends from moneysupermarket.com.
Absolutely no such thing as the Laffer Curve in something like a free country, where there is the right to bugger off if you want to. We know this is true because Ritchie tells us so.