Richard Branson defends his move from UK to Necker Island
14 October 2013 3:49am
SIR Richard Branson insisted yesterday that his decision to leave Britain to live on Necker Island is not to save on his tax bill.
The billionaire entrepreneur said he had lived on the private island for seven years, and that the move was motivated by a change in lifestyle rather than tax efficiency.
Branson transferred his Oxfordshire home to his children in 2008, Land Registry documents show, and the Sunday Times reported yesterday that the tycoon had permanently left the country for the tax haven.
“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 wrote in a blog post yesterday.
“I still work day and night, now focusing on not-for-profit ventures with Virgin Unite, but on Necker I can also look after my health,” he added.