Five of the best tax havens in the world

You might wince at the amount you pay in tax each year. But imagine how much multi-millionaires have to pay, even with the government reducing the top income tax band from 50p to 45p in the pound.

Except of course, that the super rich can avoid huge tax bills by taking up residency in a "tax haven" such as Monaco or Jersey. Here, we look at five of their favourites.