Offshore tax relief for porn channel
The owners of sexy television business Television X, have moved the soft-porn channel offshore to the Channel Islands, the UK tax haven.
For years the business was based in the UK, but over the last 12 months, the vast majority of the business has been moved, according to reports.
The move means in future it will be impossible to assess the profits the business squeezes out of the adult entertainment industry. The restructuring of the company was completed last month with the creation of a new holding company in the UK, Portland Television.
Owner of the porn channel, Richard Desmond, who also owns Express Newspapers, has donated £100,000 to the Labour Party, despite chancellor Gordon Brown’s criticism of UK-based companies using tax havens and the OECD’s clampdown on offshore financial centres.