His first “pinch-me” moment was listing 23.5 million shares on the London Stock Exchange in May 1998. By using our site, you agree to our use of cookies. Within weeks, he says, “we had something like 8,000 to 10,000 members”, heralding the start of the pioneering Matalan database that today boasts almost 12 million members and covers almost 70% of UK households. In the year Matalan turns 30, founder John Hargreaves has this week received the Drapers Lifetime Achievement Award. There is no point dropping a file on an inspectors desk and hoping they can deal with it along with everything else. “I don’t know anything about business; I’ve just learnt as I’ve gone along. I would not seek to excuse any failing by HMRC but I do think the whole area of Discovery is a bit confused and that is not helped by the courts making up rules (like "staleness") that are nowhere in the legislation. 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. As a non-resident, he would avoid paying CGT of £84m on that gain. (TMA 1970, s 29(5)), was the return made on the basis of, or in accordance with, the practice generally prevailing at the time it was made? “I felt they were losing the advantage of what we were: the leader in the value sector. See Jason Hargreaves's compensation, career history, education, & memberships. I keep saying that if you get the right product for your customer, they will buy it.”. https://www.theceomagazine.com/.../retail-wholesale/jason-hargreaves “I loved clothes, but I knew nothing about them,” he remembers. The PwC report delivered in January 2006 served to confirm his view. Hargreaves’ 2000/01 tax return made no reference to his continuing involvement as Matalan’s executive chairman or to any share sales. UK firms voluntarily pay back £215m furlough pay, The Accessibility of an Automated R&D Process, The long term plans for tax administration reform, Tribunal hits wrong note in Bell redundancy appeal, UK tech sector to suffer three knockout PunCHes, MTD for VAT and ITSA: Get ready for the next step. Jason Hargreaves is Former CEO/Managing Director at Matalan PLC.
You may say the HMRC Officer could have made an assessment earlier, but when? “I’m very much into value – that’s what our customers want. Netting £13 in one Saturday afternoon, more than his week’s salary of £11, spurred him on to save a further £50 to buy an old van. But I’ve always had good people around me and I think that is critical,” says Matalan’s publicity-shy founder John Hargreaves. Steve Johnson, who recently replaced John Mills as chairman, will now lead the board as executive chair from next week. “I was a very ambitious kid. He opened his first Jaymax store in 1976, named after his sons Jason and Jamey and daughter Maxine, and selling seconds from high street chains like Marks & Spencer. (except for The Telegraph, I did not see it publicised - other than when I mentioned it on my "interesting case" blog: https://www.accountingweb.co.uk/any-answers/how-to-avoid-ps84m-tax-whils... ). All it needed to do was to issue a “protective” assessment when it first became apparent that Hargreaves’ claim to non-residence was weak, and that considerable tax was at stake. We use cookies to personalize and improve your experience on our site. It does not matter when one makes the discovery if it is then too late to make an assessment. In many ways, this was an own-goal for HMRC. 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. The judge felt that there was negligence involved, but didn’t pin down fault.
“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. To find out more about our data sharing policy, please read our terms of use and privacy policy. 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. Hargreaves admits that he is a hard taskmaster, particularly with his children: “You say things to your children that you couldn’t say to your employees because you expect a lot more of them; I think a lot of fathers are like that.”. Totally agree with CY. Sign in or Register a new account to join the discussion. But is that enough? 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. 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. The drive that always pushed him to go one step further doesn’t seem to have waned much in his later years. He gave up his job for the markets in 1964, aged 20. This could have been done in early 2004. In December 2005, Hargreaves’ advisers PwC submitted a report which included information not previously disclosed to HMRC. In 2008 the…, As director of Central Saint Martins’ famous MA Fashion course, Fabio Piras….
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