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Duncan Bannatyne has had a dig at Dragons' Den colleague James Caan over his tax status.
The Scottish tycoon is accusing his fellow millionaire of having an "unfair" business advantage because he is non-domiciled - meaning he does not pay UK tax on his overseas earnings.
It comes as Caan muscles into Bannatyne's health club territory, with plans to open a series of new fitness and leisure premises across the country.
Writing in the Daily Telegraph, Bannatyne said his rival's non-dom status unfairly gives him more money to invest in his UK ventures.
He said: "The non-dom situation is very relevant to business owners like me in the UK because we find ourselves at a distinct disadvantage when competing with businesses owned by non-doms.
"(Caan) is venturing into the health club industry. As I pay UK tax on all of the earnings that fund my lifestyle, and corporation tax on all the profits made by my businesses, I am clearly at an unfair disadvantage."
Bannatyne - whose business empire includes 60 health clubs bearing his name - added: "It's just as well James and I get on so well, and there couldn't be a nicer man to be in competition with, but you see my point."
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He is calling for a change in the law to prevent non-domiciled residents reducing the tax paid on UK earnings by applying charges between companies in different tax jurisdictions.
The entrepreneur said: "In my view, all UK residents should have a duty to pay UK tax unless they can prove that they are paying equivalent taxes elsewhere in the world.
"This would level the business playing field and encourage, rather than stifle, the growth of enterprise and small business in this country."
