Moneysupermarket founder branded a £60m tax 'traitor' after moving to Jersey

clock

The co-founder of price comparison website Moneysupermarket.com has come under fire for avoiding more than £60m in tax by moving to Jersey.

Simon Nixon yesterday scooped a £200m jackpot after selling a 19% stake, or 100 million shares, in the Flintshire-based company valued at around £2 each, the Daily Mail reports. He has also been lined up for a £20m dividend pay-out from the shares he still owns. This marks the first time Nixon has made a significant disposal of his share in the business he co-founded back in 1999 and floated on the stock market in 2007. His decision to uproot from Cheshire to the tax haven of Jersey was described as ‘akin to treachery' by one MP last night. The move means he will avoid paying ca...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Market outlook 2023: Is the glass half full or half empty?

Market outlook 2023: Is the glass half full or half empty?

Time to acknowledge the 'foggy nature' of current conditions

Laith Khalaf
clock 08 February 2023 • 3 min read
The Bank of England

Bank of England meets expectations with 0.5 percentage point hike

UK domestic inflationary pressures had been 'firmer than expected'

Elliot Gulliver-Needham
clock 02 February 2023 • 5 min read
OBR intendeds to reduce these forecasts by between 0.2% and 0.5% because of weakness in the economy and labour market shortages

Britain growth forecast to be downgraded before March impacting Budget

Due to weakness in the economy and labour market shortages

Kathleen Gallagher
clock 25 January 2023 • 1 min read