We should pay no tax, billionaire boss of DIY investing giant Hargreaves Lansdown tells Government
No Tax: Peter Hargreaves believes companies would flock to the UK if they didn't have to pay tax
Peter Hargreaves, the billionaire co-founder of the discount broker Hargreaves Lansdown, may now be a darling of the British establishment after being awarded a CBE.
But the outspoken entrepreneur issued a challenge to the Government last night, saying companies should not pay any tax.
The 67-year-old Conservative supporter said: ‘I never understood why companies should pay tax. They don’t have a vote. If they didn’t have to pay tax, they would come here in droves and employ millions of people who would pay loads of tax.’
Arguing that Hargreaves Lansdown pays the ‘highest rate of tax in comparison to turnover of any FTSE 100 company’, he added: ‘Because companies don’t have a vote, they don’t think they should pay tax, so they come up with artificial schemes to avoid it.’
Hargreaves, who was awarded the CBE for services to business innovation, financial services and to the City of Bristol, said the honour was a tribute to all the people he has worked with.
‘This is for all the people who worked terribly hard to create a FTSE company in 30 years. It’s never been done before – not without borrowing or acquisition,’ he added.
Hargreaves co-founded Hargreaves Lansdown 32 years ago in a spare bedroom with Stephen Lansdown, and is now chairman. They started with a simple idea – producing a newsletter for people wanting to take their own investment decisions.
A recent boom in DIY investors has turned the two founders into billionaires and made Hargreaves Lansdown one of the great British business success stories.
The firm employs around 750 people at its headquarters in Bristol, with Hargreaves worth more than £2billion.
Most watched Money videos
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Mini Cooper SE: The British icon gets an all-electric makeover
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Blue Whale fund manager on the best of the Magnificent 7
- Top Gear takes Jamiroquai's lead singer's Lamborghini for a spin
- Incredibly rare MG Metro 6R4 rally car sells for a record £425,500
- Mercedes has finally unveiled its new electric G-Class
- Kia's 372-mile compact electric SUV - and it could costs under £30k
- Footage of the Peugeot fastback all-electric e-3008 range
- Porsche 'refreshed' 911 is the first to feature hybrid power
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- A look inside the new Ineos Quartermaster off-road pickup truck
- Scrap share tax, says Abrdn boss: Investors DO back UK...
- The bold moves you can make NOW to keep your pension out...
- ALLIANCE TRUST: The 'dividend hero' that's poised to...
- JEFF PRESTRIDGE: Cash in on the super ATMs of the future
- British Fashion Council warns Shein's planned £50bn float...
- CITY WHISPERS: De Beers hangs on to the artworks in Anglo...
- Stock Exchange's boss JULIA HOGGETT admits she is privileged
- Capita to announce new tie-up with Amazon Web Services to...
- Our father died seven years ago, why are we still waiting...
- Stop the £40bn bank interest racket: Calls from across...
- MIDAS SHARE TIPS UPDATE: Our private equity stock tip is...
- HAMISH MCRAE: Never mind the Election - cut interest rates!
- What does it take to win the Premium Bonds - and is it...
- MIDAS SHARE TIPS: Silver is making its mark as global...
- New hope on three continents after leaders elected in...
- MARKET REPORT: Hangover for cider seller as boss makes...
- ALEX BRUMMER: Vision for the UK's future missing during...
- Shares in night-vision goggle maker Exosens soar on its...