Rolling Stones Gather No Tax Collectors
It has emerged that the members of long-running rock group, the Rolling Stones
have, for nearly the past quarter century, been paying just a fraction of the
tax that they would have done if they were resident for tax purposes in the United
Kingdom. Germany's Die Welt newspaper revealed that the ageing rockers
are now making their wills in order to avoid disputes among their beneficiaries,
and said that due to a decision in the 1970s to structure their tax affairs
in the Netherlands, the Stones have paid just 1.6% in tax on GBP242 million
in royalties earned over the past twenty years. The band's assets are reported to be managed by Promogroup,
a Dutch financial umbrella organisation with its roots in the 17th century.
This Is London further suggested on Tuesday that in addition to taking advantage
of the fact that the Dutch authorities do not levy a direct tax on royalties,
companies in the Netherland Antilles are used by Promogroup to increase
tax savings. .
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