Bannatyne slams fellow Dragon Caan over non-dom tax status
Bannatyne slams fellow Dragon Caan over non-dom tax status
Thursday 18th March 2010
Duncan Bannatyne has criticised his Dragon's Den colleague James Caan over his 'non-dom' tax status claiming it provides him with an "unfair" business advantage.The Scottish tycoon's comments come as Caan attempts to move into Bannatyne's health club territory with plans to open a series of new fitness and leisure centres across the UK.
Due to his non-domiciles status, Caan does not pay UK tax on money made overseas.
Writing in the Daily Telegraph, Bannatyne declared: "The non-dom situation is very relevant to business owners like me in the UK because we find ourselves at a distinct disadvantage when competing with businesses owned by non-doms.
"He [Caan] is venturing into the health club industry. As I pay UK tax on all of the earnings that fund my lifestyle, and corporation tax on all the profits made by my businesses, I am clearly at an unfair disadvantage."
The Dragon's Den star added though: "It's just as well James and I get on so well, and there couldn't be a nicer man to be in competition with, but you see my point."
Mr Bannatyne has called for a change in the current law to prevent non-doms reducing the tax they pay on UK earnings by applying charges between companies operating in different tax jurisdictions.
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