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View Full Version : Stingy Stones avoid tax on £240m fortune



Celtkin
08-01-2006, 08:33 PM
The Rolling Stones have paid just 1.6 per cent tax on their earnings of £242million over the past 20 years, it has emerged.

Documents published in Holland show that Sir Mick Jagger, Charlie Watts and Keith Richards used offshore trusts and companies to ensure tax breaks.

Of the fortune they have accumulated since 1986 for royalties, they have paid just £3.9 million in taxes.

The revelation emerged after the three set up a will to ensure that their beneficiaries do not end up squabbling over their money when they die.

The band appear to have been spurred into action after Richards had brain surgery following a fall from a coconut tree this year. Sabine Schuttgens, a lawyer who is involved in setting up the Stones' trusts, said: "The foundations are to make sure that after the death of the rock stars, there would be no argument among their heirs."

News of their money management emerged when 63-year-old vocalist Sir Mick, drummer Watts, 65, and 62-year-old guitarist Richards decided to hand over their estates to two foundations in Holland.

Their fortunes have been secretly invested in the country for the past 35 years. The trusts will control the rights to the Stones' music, performances, merchandise and films. Under Dutch law, certain information must be made public - allowingdetails of their extraordinary tax break to emerge.

The band started banking in Holland in 1972 because, reportedly they did not trust British finance houses.

Under Dutch law, there is no direct tax on royalties. They have been tax exiles ever since - meaning they cannot make Britain their main home.

More here at dailymail.co.uk (http://www.dailymail.co.uk/pages/live/articles/showbiz/showbiznews.html?in_article_id=398648&in_page_id=1773)

dominizzo
08-01-2006, 11:03 PM
Great REad!! I hate the Stones with a passion

Roman529
08-01-2006, 11:08 PM
Europeans pay really high taxes, especially the rich. I guess it is a trade off for virtually free health care and pensions. Many of them hide their money in places like Monaco or Switzerland or they become citizens of other countries. I am sure the Rolling Stones' heirs will still fight over the money...especially when most of them have alot of illegitimate kids.

PHINATIC13
08-01-2006, 11:23 PM
To qoute another band.... "to me it makes good,good sense".... apparently the abundance of drugs they all took didn't kill all their brain cells.:wink:

@@@
08-02-2006, 04:35 AM
Europeans pay really high taxes, especially the rich. I guess it is a trade off for virtually free health care and pensions. Many of them hide their money in places like Monaco or Switzerland or they become citizens of other countries. I am sure the Rolling Stones' heirs will still fight over the money...especially when most of them have alot of illegitimate kids.Tax here in the UK is pretty high, on anything you earn over about £35,000 ($65,000) you pay 40% so i can't say this is any great suprise. Smart business

Rocky Raccoon
08-02-2006, 05:58 AM
Great REad!! I hate the Stones with a passion

:moon:

ih8brady
08-02-2006, 12:24 PM
Europeans pay really high taxes, especially the rich. I guess it is a trade off for virtually free health care and pensions. Many of them hide their money in places like Monaco or Switzerland or they become citizens of other countries. I am sure the Rolling Stones' heirs will still fight over the money...especially when most of them have alot of illegitimate kids.

Not if you're the stones, I dont think they've recieved 240m in govt handouts.