Terry Smith’s latest pay day drop

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Terry Smith, one of Britain’s best-selling fund managers, has been a Mauritius resident since 2017Photo: Getty Images

Spare a thought for veteran stock-picker Terry Smith, who has seen his pay drop for the third year in a row.

Accounts filed with Companies House this week show the Fundsmith founder took home £23m last year, down from around £28m he was paid over the previous 12 months.