TaxCorporate TaxMurdoch tax switch could save £500m

Murdoch tax switch could save £500m

Family company avoids Aussie tax with relocation to Bermuda

Media mogul Rupert Murdoch could save up to £500m after moving the stock market listing of his family company to Bermuda.

Kayarem, now renamed Karlholt, was switched at around the same time Murdoch’s News Corporation left Australia to reincorporate in the US, another move to avoid the tough tax regime down under.

It is estimated that the change of location will save Murdoch £22m in stamp duty and capital gains tax of up to £500m, according to the Australian Financial Review.

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