Bamford Cashes Out $389 Million to Avoid Labour’s Tax Raids
While Labour scrambles to clarify who exactly they meant by “working people” in their manifesto’s tax pledges, one shrewd businessman knew exactly what was coming. Anthony Bamford, top Tory donor and controller of JCB, distributed a £300 million ($389 million) dividend last year, signing off just weeks before Labour came to power. Cashing out before the Labour could cash in…
With JCB profits surging 43% to an impressive £620.7 million in 2023, Bamford has now climbed to the rank of the world’s 198th-richest person. His timely move will mean the Bamford dynasty avoids any upcoming punitive taxes that Labour is eyeing. A reminder: according to the OBR, around 60% of income tax revenue comes from the top 10% of earners and 30% from the top 1%. As the Laffer curve bends, other businessmen will wish they had done the same…
