Reuben Brothers Make No.2 On ‘Tax Haven Elite’ List

Property moguls Simon and David Reuben have been named as the second richest people on a list of wealthy Britons who control UK businesses but who normally reside in low tax jurisdictions.

The report compiled by The Times newspaper says that a third of British billionaires have moved to tax havens over the last decade. It says that the Reuben Brothers are amongst 6,800 Britons controlling 12,000 UK firms from low tax jurisdictions. It awards number one spot on the list to chemicals entrepreneur Jim Ratcliffe.

While choosing its words carefully as, of course, this kind of arrangement is by no means illegal or unusual the newspaper appears to be provoking further debate about whether wealthy people should be able to control British assets or influence politics while not paying personal income tax because they are not domiciled here.

An interesting conundrum to muse on might be, if all the billionaires on the list paid UK tax, would there be so many sizable UK businesses for them to control.

Source Economic Times
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