MEMBERS of the Moores dynasty have saved up to £60m in UK taxes following the sale of their Littlewoods empire.
Up to nine Moores family members may have avoided capital gains tax by either moving to overseas tax havens or holding their shares in offshore accounts.
The Barclay brothers paid the Moores family a total of £750m for the Liverpool-based retail empire last October.
It has been shared out between 35 family members who held shares in the company.
The biggest winner was John Moores lll, who received £38m following the sale of his ordinary shares in the company last October.
Mr Moores now lives in Monaco, where there is no taxation charged on overseas residents. If he still lived in the UK, he would have been liable for £15.2m in capital gains tax.
In addition to his ordinary shares, Mr Moores lll owned just over 9.6m preference shares in the company with a face value of £1 each. His off-shore tax status will have saved him another £3.8m on the sale of his preference shares.
Mr Moores is the grandson of Littlewoods founder Sir John Moores. His father, also named John Moores, still lives on Merseyside.
Patricia Moores, who lives in another offshore tax haven, the Isle of Man, received £20m from the sale of her ordinary shares. Had she been a UK taxpayer, Mrs Moores would have been liable to a tax bill of £8m. She also owned 5m preference shares, worth £1 each, saving her just over £2m in UK tax.
Sir John's daughter, Janatha Stubbs, lives in Malta. Although the Mediterranean island is not known as a tax haven, Littlewoods company records show that she was a beneficiary of shares held in accounts managed in Jersey and Guernsey.
The records also name Peter Velarde as having an address in the Isle of Man. He directly owned shares that made him £2.63m from the sale of the business. His UK tax liability would have been just over £1m.
John Moores lll, Patricia Moores and Peter Velarde are also listed as joint beneficiaries of a number of other offshore share accounts. Other family members listed as jointly participating in offshore share accounts were Angus Spencer-Nairn, Elizabeth le Poidevin, Geoffrey Fisher, Shane Giles and David Larkin.
Their addresses are not listed in the Companies House records, and so they may have paid UK taxes.
According to Daily Post calculations, based on Littlewoods records filed at Companies House a few months before the sale of the business, Littlewoods family members could have saved almost £60m through making use of overseas tax havens.
Such tax avoidance devices are commonplace among the wealthy, and are not illegal under British law.