Rock Stars’ Offshore Tax Havens
Some of the UK’s top rock stars are among those putting assets in offshore companies, according to The Sunday Times.
The paper’s business section claimed Mick Jagger, Bob Geldof and former Beatle Ringo Starr have UK properties owned by companies based in the British Virgin Islands or Jersey.
The practice is legal under current British tax laws, although Chancellor George Osborne is expected to announce a clampdown in his annual budget speech March 21.
Registering properties as having overseas ownership is estimated to be costing the UK treasury around £1 billion per year in lost taxes and stamp duties.