February17,2019

Britain’s richest man, Sir Jim Ratcliffe, and his two deputies at the Ineos chemicals firm have been reported to move to Monaco to avoid paying up to £4bn in tax. 

As chairman and CEO of the Ineos chemicals firm set up in 1998, Sir Jim Ratcliffe, aged 66, is said to own a worth of £21.05 billion. The Ineos chemicals firm, valued at around £35bn and having 18,500 employees, has long been working with the experts in PricewaterhouseCoopers (PwC) to cut down the tax paid on its revenues. Those experts thus try to help Sir Jim Ratcliffe, also known as an eminent Brexit supporter, to move to Monaco, a famous tax heaven.

Sir Jim Ratcliffe, owning 60% of Ineos and his top two deputies, John Reece and Andy Currie, each having 20% of the company, are all involved in the plan to move to Monaco to avoid tax. It is estimated that the three can save at least £440m in tax.