p2pnet - rss feed: The Stones and Prince Rupert
p2pnet.net news:- Years ago, 37 of them to be exact, before the Stones were really rolling, they were close to bankruptcy.
“Pressured by the UK Inland Revenue service for several years of unpaid income tax, their recently appointed business manager Prince Rupert Lowenstein, a ’society’ friend of Jagger’s and descendant of the Rothschild family, advised the band to move abroad to avoid bankruptcy caused by the high rates of taxation of the Labour government of Harold Wilson,” says the Wikipedia. “They eventually decided to quit Britain for the South of France, the band members taking to this enforced change of lifestyle with varying degrees of success.”
Since then, under Prince Rupert’s financial guidance, the band has grossed an estimated $2 billion but from now on, the Stones will be looking after their money themselves.
“It is understood his position will not be replaced and band members will look after their own finances, though he will continue to advise on some of their investments,” says Guardian Unlimited, adding:
When Loewenstein first started looking after the Stones, “he set up a company, Promogroup, in Amsterdam where he sent all the band’s royalty income from records, radio, TV airplay and song publishing,” says the story.
“Not all the £700m estimated touring income between 1986 and 2006 was channelled through Holland. But the tax avoidance scheme played a key role in their financial recovery. The company gave them the satisfaction of paying just £4m tax on earnings of £240m.”
Also See:
Guardian Unlimited - Stones part company with Prince, May 25, 2007
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