Geldof accused of £2.25m IHT dodge

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.

Further reading:

Blunkett’s advisers offer death tax plans

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource