TaxCorporate TaxTax haven up for sale

Tax haven up for sale

One of the UK’s tax havens is on the market for £15m

Herm Island

Herm Island

While the island of Herm is owned by Guernsey, the lease is on offer, which
would give the new owner breaks including paying just 20% tax on income and
avoiding death duties and capital gains tax.

Residents of the eight inhabitable British Channel Islands all enjoy the tax
breaks. The new owner of Herm will be neighbours with Sir David and Sir
Frederick Barclay the billionaire owners of the Ritz Hotel chain and the
Telegraph Group. They bought Brecqhou in 1993 for £2.33m.

The asking price includes a 40-year lease, a manor house, 13th century chapel
and 80 acres of farmland.
Two estate agents have been tasked with selling on the island, believing it
would be suitable for either a wealthy young family or a hospitality company.

The lease stipulates that the owner has to keep the island open to visitors,
but the agents admit the buyer could cut the tourist facilities to a minimum.

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