I have to admit I sometimes think about moving. I guess we all do. It’s not news. Until, that is, you’re a millionaire who is thinking of moving to Jersey. Then apparently, it is, even for the Guardian, who report this morning:
Jersey – you’re sooo moneysupermarket.com. The island of Jersey is expected to be the new home of Simon Nixon, the multimillionaire founder of the price comparison site, which would allow him to shelter his £400m fortune from HM Revenue & Customs.
A move by Nixon, who owns just under 50% of the company and who – only two months ago – cashed in some shares to benefit from entrepreneur’s tax relief, is likely to spark fresh concern about tax avoidance by British businesspeople and major multinational firms.
Note the “expected”. So. it’s not actually true. It’s just a rumour, no doubt spread to secure a political point, and which will not lead to anything , just as for example, Tracey Emin never left and hoards of others who have said they will do so never depart these shores.
One trip to Jersey is probably enough to persuade many of the folly of the idea of actually living there.
But it’s more than the isolation that will persuade most to stay here: it’s the reality that you can’t make money from Jersey that will persuade most that a move to St Helier is a bad idea. You see, if you really want to be in the centre of the action Jersey is not the place to be. And entrepreneurs can’t play from the wings. So if Simon Nixon does leave what he’s actually saying is his wealth creation days are over and he’s into wealth protection instead. That’s because tax havens and entrepreneurs don’t mix, at all. Tax havens and agreed do.