By News18
John Fredriksen, one of the UK鈥檚 wealthiest individuals, has decided to move his business away from London. New tax laws in the country played a big part in his choice. The shipping tycoon openly said that 鈥楤ritain had gone to hell鈥 after he shut down the London office of his company, Seatankers Management. Fredriksen, who still owns a famous home called The Old Rectory, now spends most of his time managing his business from the United Arab Emirates.
While attending an event in Norway鈥檚 capital city, Oslo, speaking with E24, the business personality said, 鈥淚t鈥檚 starting to remind me more and more of Norway. Britain has gone to hell, like Norway. I try to avoid Norway as much as I can. The entire Western world is on its way down. People should get up and work even more, and go to the office instead of having a home office.鈥
John Fredriksen made his move soon after the UK government decided to scrap the non-dom tax status. This rule allowed people to avoid paying UK tax on money earned in other countries, as long as their main home for tax purposes was outside the UK. With this benefit now coming to an end, many fear that wealthier individuals might follow Fredriksen鈥檚 lead and shift their businesses elsewhere. The change has raised concerns that the UK could lose some of its richest residents and major investors.
Robert Watts, who puts together the Sunday Times Rich List, said that more billionaires have left the UK in the past year than ever before. Many lost money and were removed from the list, while others moved out of the country after new tax rules were introduced. These changes, led by Rachel Reeves, have upset not only foreign investors but also young business owners from the UK and families who have run companies for generations. They are now worried that the new tax plans announced last October could cause even more problems for their businesses.
John Fredriksen, worth $17.1 billion according to Forbes, made his fortune by building a large group of oil tankers and other ships. He also owns a grand home in Chelsea called The Old Rectory. The historic mansion is now believed to be worth around 拢250 million, which he had originally bought for around 拢40 million back in 2001.