Not U2?

Bono’s remarks about making poverty history will no doubt return to haunt him now that news of his band’s tax avoidance strategy has hit the music press. Following the lead of the famously tight-fisted Mick Jagger, the boys of U2 have transferred part of their multi-million business empire from Ireland to the Netherlands, where royalties are virtually tax-free. This follows the Dublin government’s decision to impose a 250,000 euro cap on tax-free incomes and the legislation set in place by last December’s budget that removed the tax exemption on royalties previously in place, from which U2 and many other artists have financially benefited. Of course, there’s no logical reason why the U2 lads saving themselves a few cents should really put a dent in Bono’s charitable crusade, but no doubt more than a few cynical journalists will recall St. Augustine’s famous quote, “Lord, make me chaste…but not yet”.