BHS: Sir Philip’s Green wife Tina denies family firms are based offshore for tax reasons

'My understanding is that jurisdictions such as Jersey and the British Virgin Islands are commonly preferred for their strong regulatory regimes,' Green said

Sir Philip Green previously said that he moved to Monaco because of his health and family (Rex)

Lady Christina Green, the wife of the retail tycoon Sir Philip Green, has defended the family use of companies based in notorious tax havens, claiming the offshore jurisdictions were chosen for their “well-respected regulators”.

Tina Green, who has been resident in Monaco since 1998, has given written evidence to MPs to answer further questions on her family’s complex financial arrangements within the Arcadia retail empire, after the collapse of BHS.

In her letter, Green listed 11 companies, of which she or other Green family members are the ultimate holding parties.

The majority were registered in the British Virgin Islands or in Jersey. Green said she chose non-UK jurisdictions for business reasons.

“My understanding is that jurisdictions such as Jersey and the British Virgin Islands are commonly preferred for their strong regulatory regimes and well-respected regulators and the size and competence of their professional communities,“ Green said

“I believe these factors make them attractive jurisdictions to base holding companies in and accounts for the fact that so many businesses do just that,” she added.

In her evidence, Green also revealed she provided a £200 million loan to fund the takeover of BHS. The fixed rate loan attracts interest of 8 per cent per year from which she made £28.2 million last year.

Sir Philip Green previously said that he moved to Monaco because of his health and family during hours of questioning by MPs on the Business, Innovation and Skills Committee in June.

He said he had never been to Monaco before that first visit, but that he was looking for a place to put his children through school and that the family decided to stay “for the people”, while he moved back to the UK to conduct business.

Commenting on the evidence given by Lady Green, Frank Field MP, chair of the committee, said:

“I am not much closer to understanding the complex web of offshore Green companies but I am intrigued to learn that, while the attraction of Monaco is its fine schools, the British Virgin Islands and Jersey are favoured for their robust regulatory regimes.

“What is clear, however, is that Lady Green was paid £28 million offshore, in the latest accounting year, for the acquisition of BHS by Taveta.”

Sir Philip Green sold BHS to a former racing driver and bankrupt Dominic Chappell in 2015 for £1.

The high-street retail chain went into administration in April, leaving a pension deficit of £571 million and thousands and 11,000 jobs at risks.

Dominic Chappell, the former owner of BHS, laid blame on Sir Philip for plunging BHS into administration rather than allowing it to be sold to Mike Ashley, the disgraced Sports Direct founder.

In a recent interview, Chappell also said that negotiating with former Lybian dictator Colonel Gaddafi was easier than dealing with Sir Philip Green.

Sir Philip Green has apologised to BHS staff for his handling of the demise of the company.

Asked if he would sell the company to Mr Chappell again, Sir Philip was resolute.

“Would I do that deal again, no! Please! We could be here all day! I’ve tried not to blame anyone,” he said.

Both Sir Philip and Mr Chappell have made a profit from their running of the business.