Why didn't I think of that? I just hate it when my kids squabble.
...the journalizm of envy....
So the story is the tax shelter, not the 90% British income tax that drove them there. How ironic.
01/08/06 - TV & showbiz section
by KATIE HIND, Daily Mail
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.
Their holding company, Promogroup, has offices in both Holland and the Caribbean, allowing them to reduce tax liabilities.
As a latecomer to the band, Ronnie Wood, 59, - who joined in 1975 - does not qualify to his assets managed by the same group as the others.
Watts is said to be worth £ 80million, and as main songwriters, Richards is worth £185million while Sir Mick's fortune is as much as £205million.
There is no record of Bill Wyman, 69, who left the band in 1992, in the registration for the trust.
U2 were obviously so impressed by the Stones's fiscal arrangements that the Irish rock band now share the group's Dutch financial director, Jan Favie.
The Stones were formed in 1962 and their debut single, Come On, arrived in the charts a year later.
Although they regularly bring out new albums, they have made most of their money from touring. Their present tour, A Bigger Bang, which was in Amsterdam on Monday night and will arrive in Britain later this month, is predicted to have an estimated turnover of £80million.
There were fears it would not go ahead after Richards injured himself while on holiday in Fiji in April. The guitarist had to have extensive brain surgery after developing a blood clot.
Sir Mick, Watts and Richards disappointed thousands of fans by postponing the first 15 dates of the European leg of the tour.
But Richards recovered quickly allowing the band to perform at the San Siro stadium in Italy.
Why didn't I think of that? I just hate it when my kids squabble.
sound like a bunch of “Sweet Neocon”'s
I love their music always have and will....but they are a bunch of hypocrites.
Apparently, Mick and the rest of the old geezers are getting some Satisfaction.
isnt it amazing, you have BONO on the TV telling governments where to spend tax money while he buggers off to pay nothing...a classic...
One would think that anyone smart enough to accumulate that much money is also smart enough to protect it. (read: every DC politician.)
I'm for tax cuts for the richest-of-the-rich to the poorest-of-the-poor, but there is just something that doesn't sit well when liberals entertainers preach one thing, and turn around and do something else. I think people are fed up with the hypocrisy and stupidity of liberalism. Maybe these people will think of this hypocrisy next time they sing "Sweet neo-cons."
Jagger has a house on Mustique in the Caribbean, and it's for rent. Try to find it on the Mustique Company web site (they don't tell you which one it is). You have to be approved by Jagger to rent it, so make sure you have the requisite cool before applying.
Strangely, I was poking around on that site or a similar one some time ago, and up came a web page with a footer that read "The Jagger Group", leading me to believe that Jagger has an interest (maybe a big one) in the real estate company. But I've never been able to find it again.
DOUGH!
I'd also guess they've made more than that last year from their newest record and the worldwide tour as they gross between $3mil and $10mil per show.
These guys are REALLY rich.
I have no problem whatsoever with this.
It's called "good money management."
They earned the money.