A multi-million-pound tax bill battle has ended in defeat as Matalan founder John Hargreaves has been ordered to pay capital gains tax on his sale of £231m of the retailer’s shares.
The shares were sold in May 2000 and the Monaco-based 78-year-old has been in dispute with HM Revenue & Customs over his tax status almost ever since.
HMRC has been chasing him for £84m, although the final amount owed has not yet been determined. Once interest is added, it could reach as high as £135m.
