"...completely unjust...Some people are talking about taking this to the European court of human rights." - What's got some people so het up ? Torture ? Exploitation ? Censorship ?Oppression ?
No - the tax-man is planning to to make life harder for the 2,000 British millionaires who call Monaco, the tax haven , home. The Guardian reports :-
Until now, tax rules that allow "non-residents" 90 days a year in Britain have contained a crucial loophole: the taxman has not counted "travel days" entering and leaving the country, allowing businesspeople to commute in on a Monday, leave on Wednesday, and claim to have spent just one day in the UK.It has in effect allowed Britons to spend most of the year - up to 270 days - working in Britain, while claiming to be residents of tax havens such as Monaco and to avoid paying tax. That will change under a stricter enforcement of the rules to be unveiled today which has unnerved tax lawyers serving Britons in several tax havens.
The change - likely to count travel days or overnight stays in the residency total - will particularly affect the so-called "Monaco mob", millionaire City workers whose commute entails a seven-minute helicopter ride from Monaco to Nice for a connecting flight to London, often by private jet, before a swift return to the Riviera.
"It's not just tax - it's about lifestyle. The streets are immaculate, there's no crime. You can have breakfast on your terrace, go skiing in the morning, and be back to the beach for the afternoon. I don't know a single person going back. They'll change their lifestyles - it's a nuisance - but they'll get round it."
The night for many "in-crowd" expatriates begins at the Bar Américain, with its Bentleys and Rolls Royces parked outside. The same faces dine in one of the two Michelin-starred restaurants in the Hôtel de Paris, and end the night in Jimmy'z, a nightclub where two shots cost €40 (£30)Another feature of the local nightlife is the well-dressed prostitutes with forced smiles who, more than one British resident admitted, are what "some of us spend our money on".
Roger Munns, who runs two property businesses for Monaco multimillionaires said "These people are quick thinkers. They can move quicker than the government" Those unwilling to change their commuting patterns, he said, were restructuring their companies to funnel money into their spouses' Monaco bank accounts.
A group of City bankers, speaking on condition of anonymity, confirmed they would "play the rules" to find a way to continue spending time at their desks in London while maintaining non-residency status and paying zero income tax.
"Most of these people running businesses and living in Monaco had got the whole system worked out - and it worked just fine," said Damian, a middle-aged "retiring accountant" and long-time Monaco resident. "And now the Treasury has moved the goalposts. It's not on."
It is an injustice , it is , isn't it ?
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