The international property empire of the dukes of Westminster pumped dividends worth millions of pounds into secretive companies in Bermuda and Panama, the Paradise Papers reveal.
Hugh Grosvenor became Britain’s youngest billionaire after his father’s death last year. Thanks to careful planning by his predecessors, the 26-year-old inherited the sprawling Grosvenor Group without having to pay the 40% death duties imposed on most British taxpayers.
The trusts established by successive dukes to control Grosvenor are UK resident and subject to British tax – they pay a 6% charge on the value of many of their assets every 10 years.
26 year old will live, what, 6 more decades? So we get 36% of the value of the estate then. That really is tax dodging, isn’t it?