EMI boss Guy Hands is preparing to move into his new Guernsey offices, having switched his main place of work and residence from the mainland to swerve the new 50 per cent income tax rate. Perhaps more crucially, the move will see his private equity group Terra Firma avoid capital gains tax when buying and selling assets. The firm bought EMI for nearly £3 billion in 2007, but is still struggling to turn the label around. Although Hands vows he will not step foot in Britain again for some time, tax experts are now saying he could get pulled up by the UK government. They point to the fact his wife still lives at their Kent home, three of his four kids are in British schools and most Terra Firma employees, around 60, are still based in London.

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