Andrew Brown, Shadow Treasury Secretary, called on British Gas to put its house in order. But the part-time chairman said the arrangement had the approval of the Inland Revenue and was a way of avoiding paying tax twice.
Mr Giordano said: "I am entitled to take whatever steps I can to avoid punitive double taxation. I think that is a worthy objective." The statement echoed evidence he gave to the House of Commons Employment Select Committee a year ago when he said he could "easily slip into a situation where Her Majesty's Government and Uncle Sam both taxed the same pound of income." Mr Giordano is a US citizen but has residency on both sides of the Atlantic. Forty per cent of his remuneration comes through a contract with British Gas Holding International and is paid in dollars while the rest is paid by British Gas plc.Reuse content