The tax assessment was overturned, solely on the basis that the discovery had gone stale. In January 2006, West was still considering whether to raise discovery assessments to collect CGT for 1999/2000 and 2000/01, but he wanted to gather more information first. Today, Jason is the only child to have remained in the value sector, like his father, as managing director of Matalan. Then, if HMRC ultimately lose that argument, you can be 100% sure to see a change in the legislation that prevents this problem (from HMRC's point of view of course). There is (and was) widespread agreement in the courts that the word discover had a very wide meaning and would include, for example, a case in which one simply had a change of opinion (on the same facts). He showed promise with a knack for recalling the product prices as he unpacked, as well as where he’d put them and where they came from. Sign in or Register a new account to join the discussion. “It would be fair to say I do have my opinions,” he laughs. The judge felt that there was negligence involved, but didn’t pin down fault. The problem is that it will not happen for a long time yet and confusion will reign until then. “There’s no meaning to the name Matalan whatsoever,” he says, quipping that if he had a pound for everyone who’d asked him what it stood for, he’d be a very rich man indeed. Totally agree with CY. It does not matter when one makes the discovery if it is then too late to make an assessment. By clicking 'Get the Newsletter' below, you agree to receive the newsletter & marketing communications from theindustry.fashion. Steve Johnson, who recently replaced John Mills as chairman, will now lead the board as executive chair from next week. You can use WP menu builder to build menus, Please remember that the submission of any material is governed by our, The Drapers Interview: The man behind Matalan, ‘The future is independent’: premium indie chain Anna’s manifesto, Going hell for leather: Moda in Pelle’s Stephen Buck. Now he spends his mornings keeping fit and playing golf (badly, he says), but in the afternoons he’s back at his desk in his office in Monaco. By Tara Hounslea That information only came to HMRC’s attention when the Sunday Times article was published in March 2003. I can certainly sympathise with anyone who forms the view (incorrect in my own opinion) that something more than mere suspicion is required BEFORE a discovery assessment can be made. They need to spend money on getting a team of the best people possible to deal with cases like this. I always loved trading since being a kid; I loved buying something and selling it, whatever it was. After too many cold early morning starts, Hargreaves decided there was an easier way to make money. Matalan‘s Chief Executive Jason Hargreaves is set to step down from the helm after seven years leading his family’s retail business. So to imply a temporal restriction would be contrary to all that existing case law. It also mentioned that he “made £230m when he sold some of his shareholding in Matalan in May 2000”. Totally appreciate rules are in place to protect everyone but the guy shouldn’t be able to get off on a technicality/the discovery rules should be thrown out the window if the tax was legally due at the time. In many ways, this was an own-goal for HMRC. CTRL + SPACE for auto-complete. HMRC was initially unaware that CGT was due, and at some stage, before January 2007 it discovered that tax should be assessed. Jason Hargreaves said: “After seven years at the helm now is the right time for me to step down as the CEO into my new role. In 2008 the…, As director of Central Saint Martins’ famous MA Fashion course, Fabio Piras…. By the mid-1980s, he had grown the Jaymax chain to a portfolio of 35 stores with a turnover of £10m, alongside a significant wholesale business supplying market traders and small stores. (TMA 1970 s 29(1)), was the loss of tax due to negligent conduct by Hargreaves or his advisers? He claimed to have permanently left the UK on 11 March 2000 and so was neither resident nor ordinarily resident in the UK at the time the gain arose. Filter appointments Filter appointments Current appointments Total number of appointments 9 Date of birth January 1944. “I’ve heard all kinds of stories about people getting containers of sawdust, but we never had anything like that. In his first ever interview, the self-confessed workaholic, who built up his fashion empire from scratch, explains how he’s always been a value man. “On an international level, it will allow us to test countries like France, Spain, Germany and Italy to see where the most promising response comes from, and then from that we’ll assess if it is worth a bricks-and-mortar there,” he says. There is no point dropping a file on an inspectors desk and hoping they can deal with it along with everything else. There are many (tribunals included it seems) who follow the view that "mere suspicion is not enough". I keep saying that if you get the right product for your customer, they will buy it.”. “I’m very much into value – that’s what our customers want. On that basis, there was a delay of over three years from discovery to assessment. The Preston warehouse was located just off the M6 motorway near Bamber Bridge to service the Jaymax stores, which Hargreaves began closing down to transition into Matalan. The later courts interpreted the word "newly" as implying a temporal restriction to the ability of HMRC officers make an assessment following the making of a discovery. “I don’t know anything about business; I’ve just learnt as I’ve gone along. That certainly applies when looking at whether the Officer is barred from acting on a discovery but what does it mean for making what we understand as a " protective" assessment? One judge had said that this included circumstances in which it "newly" appeared (to the inspector) that there was an assessable amount. © TheIndustry.fashion 2020 All rights reserved | Company number: 09641260 The drive that always pushed him to go one step further doesn’t seem to have waned much in his later years. “I’ve been told that it’s my two sons Matt and Alan, but it’s definitely not.”. His Matalan business has developed into a portfolio of more than 220 UK stores and 21 overseas franchise stores, employing more than 16,000 staff. As others cottoned on to buying high street seconds, and to ensure a constant supply of stock, Hargreaves decided to start sourcing new product directly from the Far East a couple of years later for his growing network of stores, as well as supplying other market traders and small shops. Get full access to all the fashion industry news and intelligence you need, Browse the archive of more than 55,000 articles, access bespoke in-depth research, read the daily and weekly newsletters in full, receive the print magazine (optional), and gain priority access to Drapers events. If he was resident at the time then the tax should be due. However, over the next four or five years he started to feel he didn’t like the way the business was going so made an approach to buy it back. The PwC report delivered in January 2006 served to confirm his view. I’m probably a workaholic really, and it does take you a bit of time to ease off. By 2000 he decided to re-evaluate his life, selling a portion of his 69% stake in the business and moving to Monaco, where he still lives. It appears Mr Hargreaves has been lucky at least twice in his life. Jason was appointed to the role of managing director at Matalan in 2013, after chief executive Darren Blackhurst stepped down. VAT number: 216 8767 77, MP’s to revisit fashion sustainability inquiry, Ann Summers CVA ‘likely’ but not certain as some landlords remain…, DPD launches green delivery service across UK, Monki launches limited-edition upcycled collection, Milan Fashion Week SS21: New normal meets old normal, The Interview: Anna Tizard and Lydia Barron, Founders of Tiba +…, Why do so many American fashion brands crash and burn in…, Increase speed-to-market and improve supply chain efficiencies with CGS, who recently replaced John Mills as chairman, Unlimited vital daily news, exclusive features & interviews, Priority access to events offering learning & networking opportunities, In-depth studies & reports to help make sense of market challenges, Podcasts with inspirational business leaders. What are they frightened of? The judge concluded that West discovered the tax loss in November 2004 (if his predecessor had not already done so back in January of the same year). Retail analyst Nick Bubb met Hargreaves on occasion when the company was public during analyst briefings, describing him as “appearing quite shy but a straightforward bloke”, who was keen to promote his kids.

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