Citing Brexit, the chairman of Pentland Group has relocated overseas according to The Times, who first reported the news.
Stephen Rubin was Britain’s biggest taxpayer three years ago according to The Sunday Times Tax List.
His brand management company Pentland Group is the largest shareholder in JD Sports, and owns other sports clothing brands including Speedo and Berghaus.
Pentland created a new holding company, Pentland Industries International DAC, moved its tax residency location to Ireland, the company disclosed in its annual report.
The decision to shift abroad came at the end of 2019 after the company conducted a review to assess challenges related to Brexit.
Moving to Ireland would “allow the group to continue to benefit from the EU’s freedoms and regulatory environment while retaining our position as one of the UK’s major employers,” the company said, according to The Times.
“Having a parent company in Ireland does not save us any tax, as all our UK day-to-day trading activities will remain in the UK, subject to UK tax. Our shareholders all remain based in the UK and are UK citizens and UK taxpayers,” a Pentland spokesperson told The Times.