Feeds

Island-hopping Beardy Branson: I'm dodging rain, not taxes

Billionaire Brit set up permanent base on Necker Island for 'health' reasons

Top three mobile application threats

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 ago we decided to move permanently to Necker as we feel it gives me and my wife Joan the best chance to live another productive few decades. We can also look after our health (Joan is approaching 70 and I'm not far behind)," Branson wrote on his blog.

He was responding to a report in The Sunday Times that branded Branson as a tax exile. The paper pointed out that Branson had said back in April that he didn't think people should be leaving the UK because of the tax system.

The paper added that it "understands he is non-resident for the purposes of tax, which means while he will still pay tax on UK income (he has a Virgin Tracker fund among his UK investments) any other income will not be subject to tax in this country".

The Sunday Times said a spokesman had told it that Branson's earlier comments were "inaccurate" and had been "taken out of context".

On his blog today, Branson said that he had no need to live anywhere he didn't want to just to save a bit of cash.

"I have been very fortunate to accumulate so much wealth in my career, more than I need in my lifetime and would not live somewhere I don't want to for tax reasons," he said.

He also emphasised that he'd spent 40 years working in Blighty and now spent a lot of his time on not-for-profit ventures and charity projects.

Branson sold his mansion in west London seven years ago and flogged his estate in Oxfordshire to his children Holly and Sam. ®

3 Big data security analytics techniques

More from The Register

next story
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.