London: Dragons Den judge Duncan Bannatyne has sparked a new debate on tax for non-domiciled people, saying they have an "unfair" advantage in business.
Mr Bannatyne, worth £320m (€355m), told BBC Radio that Britain’s "unfair tax system" could be exploited. "We should be able to survive as a country where we all pay the same tax," he said.
He argued that a tax exile could set up a British firm followed by another company abroad that would then charge a large fee for "management services", effectively reducing profits for the first company and therefore reducing corporation tax.
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This appeared in the printed version of the Irish Examiner Saturday, March 20, 2010
