TaxWatch finds David Reuben had left UK before reported tax flight

Research by the tax watchdog TaxWatch has contradicted recent media reports suggesting that billionaire David Reuben fled the United Kingdom in response to potential wealth taxes. The organisation found that the Newcastle United shareholder had been a tax resident of Monaco since at least 2014, long before the current government took office. This finding challenges the narrative of a sudden exodus of the super-rich driven by Labour’s fiscal policies.

When the Sunday Times reported that Reuben had moved from his London home to the principality, it sparked significant concern among commentators. The story implied that the move was a direct reaction to fears over upcoming tax changes, potentially triggering a wider drain of wealth from the UK economy. However, publicly available documents indicate that Reuben’s relocation was not a recent event. A spokesperson for the Reuben family confirmed that David, who is 88, has indeed been a tax resident in Monaco for several years. His brother Simon, 85, has lived in the principality for four decades, having moved there on health grounds after a cancer diagnosis.

The evidence supporting this timeline includes paperwork filed with the UK company registry in July 2019. At that time, when David became a director of the Reuben Foundation, the documents stated he was usually resident in Monaco. Furthermore, in 2024, Reuben provided a signed declaration to a Los Angeles court in which he stated that he resided in Monaco and had done so for approximately 10 years. Monaco is a popular destination for high-net-worth individuals because it does not impose income tax, capital gains tax, or inheritance tax, making it an attractive alternative to the UK tax regime.

Mike Lewis, director of TaxWatch, expressed surprise that publicly available records completely contradicted a major news story. He noted that such anecdotes often dominate public and political conversations about the tax system, rather than verifiable facts. Lewis argued that as the autumn budget may bring significant changes to how gains from wealth are taxed, politicians and the media should base their debates on public facts and verifiable numbers rather than anonymous reports from billionaires and their spokespeople. He suggested that the current discourse relies too heavily on unverified claims about wealthy individuals leaving the country.

Clive Lewis, a Labour MP who campaigns for a wealth tax, dismissed the idea of a mass exodus as scare tactics. He stated that many billionaires and millionaires remain in the UK because they value British culture and access to London. He pointed out that while some wealthy individuals do leave, others stay, and the government cannot prevent those who wish to depart. He emphasised that this dynamic has always existed and should not be exaggerated to suggest a unique crisis under the current administration.

Despite the specific case of the Reuben brothers, analysis of Bloomberg’s Billionaires Index indicates that some super-rich individuals are indeed loosening their ties with the UK. Since the Labour government came to power in 2024, UK residents worth a combined £121bn have either left or reduced their connections to the country. This represents more than half of all billionaire wealth in the UK. Notable figures among those who have departed include steel magnate Lakshmi Mittal, Aston Villa co-owner Nassef Sawiris, and shipping magnate John Fredriksen. Inheritance tax changes and potential increases in capital gains tax have been cited as factors influencing these decisions.

The Reuben brothers, who were born in Mumbai and moved to London in their teens, built their fortune through metal trading, carpet importing, and a property empire. They attended a state school in Islington and left education at 17 without A-levels. Their wealth, estimated at almost £28bn combined, is derived from prestigious London properties, including the Burlington Arcade in Mayfair, Admiralty Arch, and Millbank Tower in Westminster.