Seatankers Management is reportedly moving its business out of the UK.
The move by John Fredriksen’s privately owned outfit based in London comes on the back of reform to the non-UK domiciled tax system earlier this year, Norwegian business daily Finansavisen reported.
The existing tax regime that applies to non-UK domiciled individuals is to be abolished with effect from April 2025 and replaced with a residence-based system which will mean that new arrivers to the UK will be able to claim not to pay tax on their foreign income and gains during their first four tax years of residency, provided they have been a non-UK resident for the previous 10 tax years.
According to registration notices in Companies House, the executive agency of the British government, Seatankers was set up in September 2021 and currently has three employees, with Ben Mills as director.
To be considered a resident of London and liable to tax in the UK, Fredriksen is limited to about three months per year. Earlier this year, The Sunday Times ranked him in tenth place among Britain’s richest people with an estimated fortune of around $16bn. The shipping tycoon, according to Finansavisen, could move his operation to either Dubai, Monaco, Switzerland, Cyprus, Greece, or Italy.
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