TaxPersonal TaxGeldof 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

Related Articles

What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

3w Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

2m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

3m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

4m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

5m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

6m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

7m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

7m Alia Shoaib, Reporter