Topshop’s Philip Green is one of the richest men the world, so it’s a bit irksome that he’s managed to avoid paying personal taxes on the monstrous dividends he receives from retail conglomerate Arcadia Group each year.
Some British politicians believe he owes the government £300m (or about $470 million), according to UK newspaper The Guardian.
But has he really done anything wrong?
Technically Green’s wife–who lives in Monaco–owns the company, which means she gets paid the dividends. In Monaco, she can legally avoid paying taxes on those dividends.
So while it’s annoying that this really, really rich guy doesn’t pay the taxes that most of his peers pay, it seems that he may not be breaking the law.
Do you think Green’s loophole is legit? We’ll keep you updated on what the UK government decides.