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• Comment Link Monday, 20 January 2025 07:52 posted by riches777

  For someone who displayed such moral fortitude in voting to take Britain out of the EU, how sad that Sir Jim Ratcliffe feels no sense of patriotic duty
  when it comes to paying taxes in this country.
  
  
  Sir Jim, Britain's richest man with a £21billion fortune to his
  name, may be known in business circles for shying away from the public gaze and eschewing the sort of
  stunts that turned fellow business magnates
  Lord Sugar and Sir Richard Branson into household names.
  
  
  But the 65-year-old must have known how damaging it would be to flee to Monaco at the height of the Brexit negotiations. 
  
  Whatever his true reasons for leaving, his move will be seized on by Remainers
  as a symbolic act of desertion.
  
  
  
  
  Sir Jim, Britain's richest man with a £21billion fortune to his
  name, is said to be taking his money to Monaco - a known tax haven
  
  
  
  
  
  Sir Jim has declined to comment - a spokesman for his company said only that it
  was a ‘personal matter'
  
  What a stark contrast with Peter Hargreaves, another high-profile billionaire supporter of Brexit within the business
  community. 
  
  The founder of the financial giant Hargreaves-Lansdowne has always been proud of paying his taxes
  here, and this week showed his belief in Britain by saying he
  would bet his entire fortune that opting for a no-deal Brexit would be this country's
  best option.
  
  Although Sir Jim has declined to comment - a spokesman for his
  company said only that it was a ‘personal matter'
  - his choice of destination speaks volumes. 
  
  
  
  
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  Monaco is Europe's premier tax haven, already home to a
  soulless list of mega-rich British celebrities who knowingly choose to pay less than they could and should towards schools, roads and hospitals in the country of their birth.
  
  
  Such figures are presented, in the cartoonish rhetoric of the
  Left, as a damning indictment of the capitalist system - proof that the super-rich are an exploitative, out-of-touch elite with no
  regard for ordinary people and no gratitude for the opportunities given them in the
  United Kingdom.
  
  The tragedy is that Sir Jim Ratcliffe ought to be a shining example of all that is
  best about aspiration. 
  
  
  
  
  Billionaire Ratcliffe was born to a joiner and office worker in 1952 in Failsworth, on the outskirts of Manchester (pictured Sir Ratcliffe's yacht)
  
  
  
  
  
  Monaco is Europe's premier tax haven, already home to a soulless list of mega-rich British celebrities (stock picture)
  
  As a council house boy who grew up to be Britain's richest man, he embodied the
  meritocratic ideals of a system that empowers people, no
  matter how lowly their background, to make the best of their lives.
  
  
  
  
  
     
  More from Dan Hyde for the Daily Mail...
  
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  have their way with our finances if left unchallenged 28/08/18
  
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  with fire  27/08/18
  
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  allow savers to cash in 14/08/18
  
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  don't use the internet and can't get out and about easily 24/07/18
  
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  it right if they lay aside their rivalries 12/06/18
  
    VIEW FULL ARCHIVE
  
  
  
  Born to a joiner and office worker in 1952 in Failsworth, on the outskirts of Manchester, Ratcliffe spent the first three years of his life in a
  council house. 
  
  He went on to attend Beverley Grammar School in East Riding, after the family moved to Yorkshire.
  
  
  In the Seventies, he accepted a place at the University of Birmingham, where
  he studied chemical engineering. That degree - in those days paid for
  entirely by the taxpayer, of course - would
  be his ticket to vast riches.
  
  By 1992, Ratcliffe had remortgaged his house to lead a
  buyout of British Petroleum's chemicals business.
  
  
  From there, he would go on to found Ineos,
  the chemicals giant where he remains chairman and chief executive.
  
  
  As it has grown into a sprawling empire, the company,
  which has an annual turnover of about £45 billion, has become a major UK employer
  with more than 10,000 British staff.
  
  One wonders quite what they will make of all this as they dutifully pay every penny
  in tax to the Exchequer.
  
  
  
  
  In 2010, Ratclifee spectacularly fell out with the then Labour government over a £350million VAT bill that Ineos was due to pay HM Revenue & Customs
  
  Wise old heads among Sir Jim's staff may be less surprised by his plans.
  
  
  After all, this isn't the business mogul's first run-in with the tax authorities.
  
  
  
  In 2010, he spectacularly fell out with the then Labour government over a £350million VAT bill that Ineos was due to pay HM Revenue & Customs. 
  
  Sir Jim asked if the payment could be delayed six months, but was refused.
  
  His reaction was ruthless, taking the company headquarters to Switzerland, another
  famously low-tax regime, to save Ineos a reported £100million a
  year.
  
  He returned to set up a UK headquarters in Knightsbridge - and take up residence
  in affluent Chelsea - in 2016, but only after the Tories had moved to slash corporation tax from 28 per cent to
  20 per cent.
  
  Sir Jim is an astonishingly successful entrepreneur
  whose business acumen and risk-taking has brought much good to
  this country.
  
  He deserves to be a wealthy man, but when you have £21billion, do you really
  need to kiss goodbye to your own country just to make sure your pockets stay full to
  bursting?
  
  
  Brexit
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