People are just jealous, don't blame him at all.
Island-hopping Beardy Branson: I'm dodging rain, not taxes
Richard Branson has denied that he lives on his Caribbean private island for tax reasons, after a report over the weekend branded him "tax exile". The Virgin Galactic boss claims he relocated to Necker in the British Virgin Islands for the good of his health and because he loves the 74sq acre self-made resort. "Seven years …
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Monday 14th October 2013 13:25 GMT LazyLazyman
I'm the first one to level criticism at people for moving overseas to dodge tax and corps using loopholes, but to me I don't see what is wrong with what he has done. He is not hopping backwards and forwards, or messing around with being in the UK for X months a year. He genuinely seems to have moved to an island he owns, and has done for a long time. He could have done allot of creative accounting and employed some very good accountants to reduce his tax, but he dose not seem to have done this. He just seems to have done what we would all like to do, move to a nice sunny place to retire (Albeit not full retirement, as he is probably one of the people who can't stop working on something).
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Monday 14th October 2013 15:01 GMT Graham Dawson
Re: So tell us Mr. Branson
I dunno, JDX. Perhaps the fact that it's a tropical island is a pretty good reason to live there? I don't begrudge him that. I'd do the same if I were rich enough to buy an island. What's the point of an island if you don't live on it?
Just as long as he doesn't start lobbying for any tax increases in the UK. These rich ex-pats have been known to do that from time to time.
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Monday 14th October 2013 16:11 GMT Goldmember
Re: So tell us Mr. Branson
I can think of several off the top of my head:
- Privacy
- Atmosphere/ prestige
- Hula girls
- Excellent weather (warm sun most of the time, cool tropical rain storms now and again)
- Awesome house (see "Cribs")
- It's your own frigging island! Who wouldn't want that? You could effectively be the king
And like the man said, he has an absolute shitload of cash. Paying more or less tax in a year won't make any difference to him; he can't spend whatever he has left anyway.
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Monday 14th October 2013 20:04 GMT Voland's right hand
Re: So tell us Mr. Branson
Jealosy much?
Let me spell it for ya: "For the same bloody reason I have rebuilt a derelict propery in the mountains of a Eastern European country which happens to have _HALF_ of UK tax rate".
I did it so I can spend a few months a year in an unspoiled location where I can work without dealing with the joys of day to day UK life. I manage to achieve ~ 200-400% of the productivity I get in the UK despite having to chop wood, fill water daily and constantly repair the bits of the house that try to fall apart after yet another 2m of snow in winter.
Hopefully, one day, I can semi-retire there (I am not one of those people that can stop working). I did not chose the place for its 25% tax rate. I chose it because it was in a middle of a wood in a national park with the closest village 13 miles away and closest city 30 miles away. The house was a ruin, the place was drop dead gorgeous.
He had more money than me when he chose his, that's all. I believe in his reasoning.
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Tuesday 15th October 2013 10:13 GMT MrXavia
Re: So tell us Mr. Branson
I would live on my own PRIVATE TROPICAL ISLAND if I had the money!
Who wouldn't want to retire to their own island???
His businesses pay UK taxes, they employ UK resident workers..
His Airline is still the best British Airline to fly... and as much as people love to complain about virgin broadband, its better than shitty ADSL..
If you had built up more money than you could expect to spend in your lifetime, wouldn't you retire somewhere you loved?
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Monday 14th October 2013 14:25 GMT batfastad
So what?
Someone who has a house in another country, is living in another country?
And who cares if it is for tax reasons? If it's not illegal then I'm fine with it and I'm not ashamed to admit that I would do exactly the same. I don't voluntarily pay more tax than I'm legally obliged to now and would make sure that continues that if I became a billionaire. The guilt-tripping by politicians and the media really hacks me off, as if they are morally superior to anyone/anything, which by definition is impossible.
I expect the Sunday Times will be running the same article for all the others on their rich lists.
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Monday 14th October 2013 14:33 GMT Anonymous Coward
Picture speaks a thousand words
It is a great shame that on at least one picture Richard is holding a Union Flag upside down. It is sad that so many people do not know which way up the Union Flag should be.
I cringe when I look at people so gaily waving the flag at events - and not having a clue at the insult to the Country.
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Monday 14th October 2013 15:39 GMT Anonymous Coward
He's retiring to the island having done his level best to pay little or no tax at all for 40 years.
Payments going into family trusts, shell companies, holding board meetings in Switzerland....
I think he may have taught Starbucks and google all they ever needed to know.
(though Tom Bower may seem to have it in for the bearded one, his opinions offer an alternative viewpoint for consideration)
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Monday 14th October 2013 17:29 GMT Anonymous Coward
Re: UK resident Tax dodgers
It's a pity there isn't that much tax dodged in the first place. Certainly they didn't get the billions from Swizterland that they were claiming was avoided illegaly.
Disclaimer: I am non-resident brit living abroad. I pay uk tax even though I don't have too... cos it's way too much fucking trouble to claim the 20% siezed from my BT share dividends of nearly fuck all.
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Tuesday 15th October 2013 06:55 GMT Anonymous Coward
Re: UK resident Tax dodgers
I thought you were talking about the OTHER proud Scottish Nationalist who seems to spend as much time as possible avoiding Scoltland and jetting between Spain and the Caribbean... Mind you... Branson.. Private Island... Minions in boiler suits... That's why Connery is in the Caribbean, he really is James Bond!!
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Tuesday 15th October 2013 09:39 GMT Anonymous Coward
He doesnt need to avoid tax - he gets his company's to do that for him.
Massive licensing costs for the "Virgin Brand" - all paid to other parts of the group head-quartered in various tax havens. Large transfers of cash and debt around the group...
and of course all paid for via the massive tax payer subsidies he demands - and if there's any danger of losing them he stomps his feet.