Billionaire James Dyson Switches Residency Back to UK from Singapore
23rd April 2021 | Singapore
British billionaire James Dyson, who in 2019 had relocated Dyson headquarters from United Kingdom (UK) to Singapore, has switched his residency back to UK from Singapore.
” British Billionaire James Dyson Switches Residency from Singapore to UK “
In 2019, James Dyson had relocated to Singapore, switched Dyson Headquarters to Singapore and setup a family office thereafter in Singapore. He is also involved in 2 of the highest profile property transactions in Singapore by buying a 3-storey Penthouse for $54 million in 2019 and selling for $47 million in 2020, and buying a $37 million 15,000 square feet bungalow that overlooks UNESCO World Heritage site Singapore’s Botanic Garden.
James Dyson is the founder of Dyson and inventor of Dyson vacuum cleaner. In 2021, he is estimated to have a personal fortune of around $10 billion.
In April 2021, BBC reported James Dyson and UK Prime Minister Boris Johnson had exchanged messages in March 2020 at the beginning of Covid-19. The texts included James Dyson getting assurance from UK Prime Minister Boris Johnson that his staffs will not face a change in their tax situation, if they were to return to UK to assist in making ventilators.
UK & Singapore Tax Rates
UK income tax rate is at 45% for above £150,000 while Singapore income tax rate is at 22% for above $320,000.
UK Income Tax Rate
|Taxable income||Tax rate (%)|
|Up to £12,570||0%|
|£12,571 to £50,270||20%|
|£50,271 to £150,000||40%|
Singapore Income Tax Rate
|Chargeable Income||Tax Rate (%)|
|Next $10,000 ($20k onwards)||2%|
|Next $40,000 ($30k onwards)||3.50%|
|Next $40,000 ($40k onwards)||7%|
|Next $40,000 ($80k onwards)||11.50%|
|Next $40,000 ($120k onwards)||15%|
|Next $40,000 ($160k onwards)||18%|
|Next $40,000 ($200k onwards)||19%|
|Next $40,000 ($240k onwards)||19.50%|
|Next $40,000 ($280k onwards)||20%|
|In excess of $320,000||22%|
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