A prominent Brexiteer and Britain's richest man, Sir Jim Ratcliffe, is set to quit the United Kingdom in a bid to save billions in tax, it has been reported.
The 66-year-old, who was knighted less than a year ago for his services to business and investment, is reportedly planning to save up to £4bn with a move to Monaco.
The country - famous for its yacht-lined harbour, upscale casinos and the prestigious Grand Prix motor race - is a well-known tax haven.
And Ratcliffe has been working with PwC on a tax avoidance plan, which could also benefit two senior executives at his chemicals company Ineos.
That's according to The Sunday Times, which has claimed that Ratcliffe, Andy Currie and John Reece cold all legally share between £1bn and £10bn of tax-free cash.
Should the plan go ahead, it could deprive the Treasury of between £400m and £4bn - a move which a source at the newspaper labelled 'egregious', should the upper end be chosen.
Sir Jim Ratcliffe, who was knighted less than a year ago for his services to business and investment, is reportedly planning to save up to £4bn with a move to Monaco
Ratcliffe's chemical company Ineos, which has an annual turnover of around £45billion, employs more than 18,500 people
The news comes soon after Ratcliffe slammed the EU over expensive regulations and 'stupid' green taxes he claims are choking Europe's chemicals industry.
In an open letter to European Commission president Jean-Claude Juncker, Ratcliffe warned Europe is 'no longer competitive' as a result of its strict energy and labour laws, which he claims are the most expensive in the world.
Sir Vince Cable, the Liberal Democrat leader, and a staunch remainer, has slammed Ratcliffe's alleged decision - labelling it 'deeply cynical'.
He told The Sunday Times: 'There are thousands of our constituents who are being bankrupted by HM Revenue & Customs action over small-scale tax avoidance while big fish like Ratcliffe are just treating taxation as purely voluntary.'
Another source did tell the newspaper, however, that the chemicals company giant may opt for the lower end of the tax avoidance range.
Sir Vince Cable, the Liberal Democrat leader, and a staunch remainer, has slammed Ratcliffe's alleged decision - labelling it 'deeply cynical'
But this has done little to appease John McDonnell, the shadow chancellor, who said: 'The greed of these super-rich tax avoiders seems to have no bounds.
'Don't they realise that every penny they hide away in their tax havens is a penny not spent on our NHS treating the sick, or social care looking after our lonely, isolated elderly, or the education of our children?'
Ratcliffe's chemical company Ineos, which has an annual turnover of around £45billion, employs more than 18,500 people.
Its products are used to clean water, make toothpaste,
