Mowi tycoon loses tax break, quits London

Fredriksen is the largest shareholder in the salmon giant Mowi, and his family have direct connection with the business. One of his daughters, Cecilie, sits on the board of Mowi.

The move, reported by the Norwegian business newspaper Finansavisen follows reforms to the non-UK domiciled tax system which will take effect next spring.

The tax regime that applies to foreign residents in the Uk designated as “non-domiciled” is to be abolished with effect from April 2025 and replaced with a residence-based system. Up until now, non-domiciled individuals have been liable for UK tax on their income, but not on their income from overseas assets – unlike most UK taxpayers.

The move is thought to mainly affect Frediksen’s private Seatankers Management operation which had its headquarters in Sloane Square, London.

New rules ending favourable tax breaks for foreign nationals have been blamed for the decision.

Although born in Oslo, Fredriksen is now a naturalised Cypriot citizen. In addition to his major interest in Mowi, he also owns the world’s largest oil tanker fleet along with major offshore interests.

Before he took up Cypriot citizenship he was named as Norway’s richest man by a long way. That title now falls to Gustav Witzoe junior, heir to the SalMar salmon farming empire. He is said to be worth around £2 billion sterling (NOK 30bn) and is now taking an active interest in the running of the business with his father Gustav senior.