Guernsey Press

Millionaire moves, but says it's not about tax

MULTI-MILLIONAIRE businessman Tom Scott is set to leave Guernsey.


MULTI-MILLIONAIRE businessman Tom Scott is set to leave Guernsey. Mr Scott, who has just bought the Five Oaks garage site in St Peter, Jersey, for £4.9m., has lived in Guernsey since 1987. But he is to move to Jersey. He is now reported to be looking for a home in the island after being granted wealthy-immigrant status. Mr Scott is said to have agreed a deal with the Jersey Comptroller of Income Tax on the level of tax he will pay each year. But he denied that the reason for relocation was that Jersey was willing to cut him a better deal than the Guernsey tax authorities. 'The reason I am moving is that I am spending more and more time in Jersey. I'm chairing CI Traders and I have more interests in Jersey,' he said. He already has an apartment above Jackson's Garage in the island but said he was looking for a house. A spokesman for the Guernsey Income Tax Authority said that it did not offer deals to rich residents, though officers would talk to people about their residential status for tax calculation. Mr Scott is arguably the Channel Islands' most influential businessman. CI Traders is the biggest company in the islands, worth £172m. He has admitted that he never intended to settle in Guernsey indefinitely and that he moved from the UK to save some tax in semi-retirement, though he did plan to work. His business portfolio developed to include the International Energy Group, ComProp and last year's mega merger of Ann Street Group and Le Riche Group as CI Traders. Mr Scott has emerged as the buyer of an ancient Guernsey feudal title - the Seigneurie of Canelly - that was sold for £35,000 at a London auction last October. As the title holder, Mr Scott is required to appear before Chief Pleas three times a year.

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