Sir Richard Branson yesterday insisted that he had not left Britain for tax reasons, saying he was living on his holiday island of Necker in the British Virgin Islands (BVI) because he loves the place.
He commented on the issue on his blog after a Sunday newspaper had claimed that his decision to leave Britain for the Caribbean was a turnaround for the charismatic entrepreneur who has draped himself in the Union Jack to promote his business.
Sir Richard’s spokesman said he had been there for seven years and stressed it made no difference for tax purposes whether he was in the UK or the BVI. In his blog Sir Richard said: “We are fortunate enough to live on Necker, the most beautiful place in the world, because it is our home where we can live life to the full. I have not left Britain for tax reasons, but for my love of the beautiful British Virgin Islands and in particular Necker Island.
“I still work day and night, now focusing on not-for-profit ventures, but on Necker I can also look after my health.
“In 2011 the main house on Necker burnt down. We’re incredibly thankful for the overwhelming support we received from thousands of people both in person and online as we spent the past two years rebuilding our home, work which is now completed.
“I spent 40 years working day and night in Great Britain building companies and creating competition and choice for consumers across a whole range of industries.
“The companies we created from scratch have created tens of thousands of jobs and paid hundreds of millions in tax.
“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.
“In addition to the work I do from Necker, I also travel the world sharing what I’ve learned by doing speeches and trying to help the next generation of entrepreneurs. All the monies I earn from these engagements I give to charity.
“This amounts to many millions per year, and will continue to do so.”