Saturday, August 08, 2009

More upset for Guy Hands

As if it wasn't hard enough trying to keep EMI afloat with nothing more than a promise to do something sometime from Chris Martin, things are looking grim for Guy Hands on a personal front now.

The New York Times is reporting that HMRC is taking a close look at his claims to be a Guernsey resident for tax purposes:

[H]is lawyers hope to make the case that not only are the funds of his company, Terra Firma Capital Partners, administered in Guernsey and all the main investment decisions taken here, but Mr. Hands also has publicly vowed not to set foot again in Britain for the immediate future. If so, that should establish beyond a doubt that he is a resident of Guernsey.

But others are not so sure. Tax experts point to the fact that his wife, who owns their stately home in the Kent countryside southeast of London, runs a hotel business that is based in Britain. Three of his four children still go to British schools and the majority of Terra Firma employees, about 60 in number, are based in its London office.

While the lawyers argue about if it's legal or not, the "is it moral" question is much more easily settled, don't you think?