May 14th in Accountancy News, Tax Avoidance by Editor .

Tax Exile – Not So Bad

If you go with your rock and roll band (and your party crew) to the South of France…

Charles Tyrwhitt UK
 

But it still involves certain sacrifices.

As a new age of austerity dawns upon us; feeble economic growth and high taxes mean those who can might well be contemplating a move elsewhere.

It has all happened before of course – notably the brain drain of the ’70s but few will make such a time of it as the Rolling Stones. Having recently reissued an album from that period, Exile on Main St, band members were interviewed by The Times and Keith Richards gave an insight into the band’s 1971 move to France as tax exiles.

Richards is more blunt. “You were very resentful about having to leave your own country, because that’s really what it came to. Yeah, you could have stayed and made tuppence out of every pound. Thanks a lot, pals.

“At that time, they wanted us in jail. They couldn’t manage that, so the next best thing was put the economic pressure on. In order to leave, you had to rent out all of your property and promise never to go through your own front door. You’d immediately broken the rules if you’d done that. I always imagined hordes of IRS men in the trees — ‘He’s opening the gate!’ ‘Has he walked inside yet?’ They would go that far.

“It was bizarre. I rented my house out and [for] about 14 years I didn’t go back. Talk about an Englishman’s home is his castle, forget that one. It turned into the Sheriff of Nottingham.”

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They might have resented it but it didn’t stop them enjoying themselves or cementing their legendary rock and roll status.

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