THE FOUNDER of price comparison website Moneysupermarket, Simon Nixon, is moving to Jersey (pictured) in order save millions of pounds in tax.
Nixon owns half the £790m company and boasts a personal fortune of £536m, placing him at 55th on the Sunday Times Rich List.
He is the latest entrepreneur to move for tax purposes, the Telegraph reports, and is set to save millions of pounds annually on tax dividends alone.
His decision to relocate comes less than a month before the Chancellor makes his Autumn Statement, in which he will attempt to enhance the UK's attractiveness to businesses, while simultaneously addressing the issue of tax avoidance.
The reduced rates paid by multinationals such as Starbucks, Amazon, and Google has drawn wide criticism, with representatives of the trio appearing before the Public Accounts Committee in order to discuss the issue earlier this week.
Sign up for Financial Director email alerts
Please enter your email below to receive your profile link
Search by job title, salary, or location - we only list senior financial roles
This web seminar will explain how finance directors can monitor and understand the various financial costs of staff turnover, including logistical costs and the impact of lost productivity as new employees are brought up to speed
8.30am, 26 Jun 2014
Targeted at FDs and CFOs, the FD Conference 2014 provides a platform in which to learn from outstanding keynotes and network with like-minded peers
Send to a friend