Press Room

10 Feb 2020

Richer Sounds boss Julian Richer hits back at claims of tax hypocrisy

Miles Dean, Head of International Tax, comments in relation to Julian Richer hitting back at claims of tax hypocrisy after he called for millionaires to pay higher tax, but received breaks for handing control of his company to staff, in The Telegraph.

Miles’ comments were published in The Telegraph, 10 February 2020, and can be found here.

“The hi-fi entrepreneur Julian Richer has hit back at critics accusing him of laughable hypocrisy for signing a Davos letter calling on millionaires to pay higher tax after he received tax breaks for handing control of his company to staff.

Miles Dean, head of international tax at Andersen Tax UK, had said it was hypocritical for Mr Richer to sign the Millionaires Against Pitchforks letter last month along with former Unilever boss Paul Polman, Innocent Smoothies co-founder Richard Reed and US real estate developer Jeff Gural.

Last year, Mr Richer sold 60pc of his shares in the electronics retailer he founded in 1978 to an employee-owned trust for an initial payment of £9.2m. He did not have to pay capital gains tax on the sale due to an exemption in the Finance Act 2014.

Ahead of the launch of the Good Business Charter, an accreditation scheme that he is bankrolling to encourage companies to treat staff, customers and the environment better, Mr Richer told the Telegraph that the exemption was “ridiculously over-generous”.”

Miles Dean

Miles Dean

Miles is Head of International Tax at Andersen Tax in the United Kingdom. He advises privately held multinational companies, entrepreneurs and high net worth individuals on a wide range of cross border tax issues.

Email: Miles Dean