Letter to the Editor regarding millionaires’ hypocrisy over demands for higher tax – Miles Dean
Miles Dean, Head of International Tax, discusses several millionaires and celebrities signing a letter calling for higher taxes on millionaires and billionaires, in the Daily Mail.
Miles’ comments were published in the Daily Mail, 28 January 2020, and can be found on page 63.
The notion that billionaires and millionaires are crying out to pay more is laughable.
“How many of these claims are hypocritical? They should be willing to state what steps they’ve taken over the past ten years to reduce their tax bill. When Julian Richer sold 60 per cent of Richer Sounds to an employee trust, did he make use of a provision to exempt the gain from Capital Gains Tax usually availed of in such circumstances? If he did, then it seems rather odd that he has signed a letter asking to be taxed more if he took steps to reduce his liability to nil.
Richard Curtis and Simon Pegg have presumably benefited from the enormous film tax credits without which the British film industry would not be as successful as it is.”