Gimme (tax) Shelter

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James Blast
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Rolling Stones find satisfaction in offshore tax shelter

By Hugh Davies

(Filed: 02/08/2006)

The Rolling Stones, notoriously averse to paying taxes since the band decamped to the south of France in 1971 to record Exile on Main Street, have recorded one of rock music's biggest financial hits.

With shrewd management, using offshore trusts and companies, Sir Mick Jagger, Keith Richards and Charlie Watts paid only 1.6 per cent in tax on earnings of £81.3 million last year.

Ronnie Wood, who has a £90 million fortune, part of it from property development, is said to have a different arrangement as he was not a founder member of the band.

Rolling Stones Inc, usually an intensely private and secretive organisation, has had to reveal their finances as the musicians are making their wills and, with a Dutch company involved, Netherlands law insists that details be made public.

The band went to a Netherlands finance house in 1972 after Prince Rupert Zu Loewenstein, a London-based banker who holds an old Bavarian title, became their business adviser at the behest of Sir Mick, who studied at the London School of Economics.

Richards, worth £180 million, told an American business magazine: "The whole business thing is predicated a lot on the tax laws. It's why we rehearse in Canada and not in the US. A lot of our astute moves have been basically keeping up with tax laws: where we go, where not to put it, whether to sit on it or not."

Sir Mick, worth £205 million, recalled that in the mid-1960s, with sales of 10 million singles including Satisfaction and five million albums, the band was still living hand to mouth.

"The only people who earned money were the Beatles because they sold so many records," he said. "I'll never forget the deals we did in the 60s, which were just terrible. All I know from business I've picked up on the way. I never really studied business at school. I kind of wish I had, kind of, but how boring is that?"

Since 1989 the Stones have earned more than £1.2 billion. They have made £79.7 million so far from their current "A Bigger Bang" world tour, with ticket prices of up to £150.

© Copyright of Telegraph Group Limited 2006.
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Obviousman
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Read about that earlier, yes.

U2 moved to Holland as well IIRC, which is kind of odd as they're quite keen on their roots, weren't they :?:
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Ozpat
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Obviousman wrote:Read about that earlier, yes.

U2 moved to Holland as well IIRC, which is kind of odd as they're quite keen on their roots, weren't they :?:
Inspite of their roots they prefer this nice country :innocent: :lol:

You know you would to! :wink:
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weebleswobble
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Jagger is a cnut.......NEXT!
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Bartek
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weebleswobble wrote:Jagger is a cnut.......NEXT!
just like Bono ...
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I'm sure the Inland Revenue wouldn't chase you up if you lived in the Outer Hebrides 8)
It's not even inland :P :roll: :oops: ! Wonder why you don't see more rockstars out there?

I make an exception for Paul McCartney because he's not strictly speaking a rockstar is he...
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Can't really speak for the Rolling Stones; they've always done this kind of thing.

But as for U2???!!!! I mean, who's their singer...um... Bono? Yes Bono, as in "Make poverty history" "Drop the debt" and various hassling of world leaders to do more for the poor of the world.

The thing is, that world leaders tend to use the revenues they collect from their citizens to fund such lofty aspirations. So, for example, say that Ireland wanted to put itself at the very vanguard of some aid scheme. It might find itself a little less able, now that one of it's major sources of income has buggered off...

I suggest that Bono digs out his copy of "Money is not our god" and has a good listen....
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boudicca
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Now now, you know he only wants that money so he can give it to the little children in Africa...
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mh
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Obviousman wrote:Read about that earlier, yes.

U2 moved to Holland as well IIRC, which is kind of odd as they're quite keen on their roots, weren't they :?:
They're even more fond of their bank balances, apparently. :lol:
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James Blast
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And I thought Def Leppard and Nigel Mansell lived in Dublin for the tax relief?
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mh
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James Blast wrote:And I thought Def Leppard and Nigel Mansell lived in Dublin for the tax relief?
The laws were changed just recently. I'm not sure of the exact details, but I expect that the key difference is that U2 are citizens.
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James Blast
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Betcha auld Bongo and the Hedge feel like a pair o fuds now±! :lol:
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Planet Dave
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Nice article James.

I might try and run this one past the missus...'Mandy darling, I'm off to live in Amsterdam for, erm, tax reasons. See you later.' :innocent: :lol:
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weebleswobble
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James Blast wrote:And I thought Def Leppard and Nigel Mansell lived in Dublin for the tax relief?
I thought it was the Hand Relief?


No?




Coat...... :eek:
Planet Dave wrote:Nice article James.

I might try and run this one past the missus...'Mandy darling, I'm off to live in Amsterdam for, erm, tax reasons. See you later.' :innocent: :lol:

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Planet Dave wrote:I'm off to live in Amsterdam for, erm, tax reasons.
:lol: :notworthy:

I thought Nigel Mansel lived on the Isle of Man?
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hallucienate
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markfiend wrote:
Planet Dave wrote:I'm off to live in Amsterdam for, erm, tax reasons.
:lol: :notworthy:

I thought Nigel Mansel lived on the Isle of Man?
*edit*

Isle of Jersey. My brother took me for a drive past his place when I was there.
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markfiend
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Jersey? Oh.

Maybe he moved :lol:
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steamhammerdave
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markfiend wrote:I thought Nigel Mansel lived on the Isle of Man?
Aye, next door to Rick Wakeman and across the road from Norman Wisdom :roll:
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markfiend
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steamhammerdave wrote:
markfiend wrote:I thought Nigel Mansel lived on the Isle of Man?
Aye, next door to Rick Wakeman and across the road from Norman Wisdom :roll:
Eh?
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steamhammerdave
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Erm, fellow Isle of Man residents....
What are we gonna do now then?
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I think he upsticks and left in 1995....I think he used to live in Port Erin...but I may be wrong...but it's a nice place anyway. :D
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markfiend
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steamhammerdave wrote:Erm, fellow Isle of Man residents....
Oh. I knew that. Honest ;D
Debaser wrote:I think he upsticks and left in 1995....I think he used to live in Port Erin...but I may be wrong...but it's a nice place anyway. :D
So I wasn't imagining it that he did live there at some point? Good.
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James Blast
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markfiend wrote:
steamhammerdave wrote:Erm, fellow Isle of Man residents....
Oh. I knew that. Honest ;D
You lyin Git!
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No you lyin git!

I heard that rumour.
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James Blast
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I started that rumour.
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