| tax 2003-03-29 |
| Mohamed Fayed, the owner of Harrods and Fulham Football Club, announced last night that he had quit Britain and moved to Switzerland to avoid paying high taxes.
The tycoon said the decision to find a permanent residence in Geneva was due to "grossly unfair" treatment at the hands of the Inland Revenue, which had refused to retain his special tax status. During his 35-year stay in Britain, the Egyptian, who had been constantly turned down for British citizenship, had an agreement to pay a lump sum in lieu of tax. Last year it was £240,000. But this was overturned last year and Lord Gill, sitting at the Court of Session in Edinburgh, turned down his appeal. |
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