I'VE LOST ALL RESPECT FOR THE ROLLING STONES

"NO SYMPATHY FOR THE DEVIL"

(Source)--The Rolling Stones paid just 1.6 per cent in tax on earnings of $US152 million ($A200 million) last year, thanks to slick management of their fortunes. Details have leaked out because the Stones' finances are managed by a Dutch company; they are making their wills and Dutch law requires certain information to be made public.


Germany's Die Welt newspaper reported on the tax break that Mick Jagger, guitarist Keith Richards and drummer Charlie Watts enjoyed through the use of offshore trusts and companies. According to the newspaper, the trio went to a Dutch finance house in 1972 to have their millions managed from Amsterdam because they didn't trust British finance houses. Now they are making wills to ensure that beneficiaries don't end up squabbling.


Details of the tax break were revealed in the country's trade registry, according to Die Welt. A Dutch holding company called Promogroup is the umbrella organisation that has been managing the finances of the three original Stones for the past 35 years.


Ron Wood's assets are not managed by the Dutch group. With just £70 million ($A171 million) in the bank, he is the poor relation to the others in the band. The Stones' Dutch advisers use branch offices in the Dutch Antilles in the Caribbean to reduce tax liabilities.


The registry also pinpoints a European blueblood as the Stones' finance manager, a German-Austrian prince who the band reportedly refer to as Ruppie the Groupie. Promogroup runs 10 subsidiary companies and has roots stretching back to the 17th century when rich merchants rather than rockers were its clients.


Sabine Schuttgens, a lawyer involved in setting up the Stones' trusts, said: "The foundations are to make sure that after the death of the rock stars there would be no arguments among their heirs."