Richard Branson shifts Virgin Galactic stake to tax haven
The move is unrelated to Branson’s request for UK backing for Virgin Atlantic Airways, and many of his businesses do pay UK tax
06 April 2020 - 18:05
Richard Branson moved assets from the US to the British Virgin Islands, highlighting his use of tax havens at a time one of his businesses sought a state bailout because of the coronavirus pandemic.
Filings show a Delaware-based company for his $1.1bn stake in Virgin Galactic Holdings transferred shares in the space-travel firm on March 16 to the Caribbean territory where Branson lives. Residents in the BVI pay no income or capital-gains taxes while the US state is known for preserving the privacy of its corporate owners...
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