Tax loophole
For one day in July in Monaco, The Guardian, a British daily paper, could not be bought for love or money. The reason? A revealing report on how ultra-rich businessmen are exploiting a loophome in the tax law that allows them to live in Monaco and still to work in the UK three or four days a week. Under indiquated revenue rules dating back to the days of the leisurely steamship, non-residents can spend 90 days a year in the UK, but days spent travelling in and out of the country are not counted. A labour MP is calling for tougher legislation to prevent these wealthy individuals from avoiding their tax obligations to the home country.