The taxman has triumphed over Matalan founder John Hargreaves, who faces a bill of up to £135m.
HM Revenue & Customs won the long-running case after a London court ruled that the Monaco-based businessman owed capital gains tax from a £231m sale of Matalan shares.
Monaco move: Matalan founder John Hargreaves with singer Kylie Minogue
The fashion entrepreneur relocated to the tax haven in March 2000 before he sold the shares two months later Court papers state that part of Hargreaves’ motive for moving was to ensure ‘he was no longer resident in the UK for tax purposes’.
However, he continued to spend time in the UK and HMRC concluded in 2007 that Hargreaves owed £84m in extra tax for the year 2000-01.
With interest, the total may reach £135m. A spokesman said an appeal is being ‘actively considered’.
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