Geldof accused of £2.25m IHT dodge
Third World debt campaigner Bob Geldof accused by newspapers of claiming Irish residency to avoid IHT
Bob Geldof , the
rock star and world poverty campaigner, has been accused of avoiding £2.25m of
tax by saying that he lives in Ireland.
Geldof is an Irish citizen, but lives in two properties in England, which are
owned by overseas companies – Quiet Ventures and Bandol Holdings,
the Daily Mirror
reported. Both companies are registered in the British Virgin Islands,
according to the newspaper.
Grant Thornton tax partner Mike Warburton explained in an interview with
The Mirror that by using companies based in tax havens such as the
British Virgin Islands, non-residents were able to skirt IHT.
‘This means they do not have to pay capital gains tax if they sell a property
that is not their main residence,’ Warburton said.
Geldof divides his time between his Battersea Home in London and a property
in Kent, the newspaper said.