Harrison has last laugh on 'the Taxman' with £100m legacy for his wife and son
Saturday 30 November 2002
The former Beatle George Harrison left his family almost £100m in his will. Probate records published yesterday showed that Harrison, who died of cancer in November last year, left £99,226,700, reduced to £98,916,400 after expenses.
Harrison, who attacked the Inland Revenue in his 1966 song "Taxman", stipulated in his will that the fortune be held in trust by three business advisers to help his family avoid 40 per cent inheritance tax.
The income from his trust will go to his wife Olivia, 54 – now among the richest 300 people in Britain – and to his son Dhani, 25, after her death.
Trustees named in his will, thought to be his solicitor and professional friends, have also been given the power to use capital to buy homes anywhere in the world for the use of his beneficiaries.
Harrison's estate comprises property worth an estimated £40m in Switzerland and Britain, including a £15m mansion near Henley-on-Thames, Oxfordshire, where the musician and his wife were attacked by a knife-wielding intruder in December 1999. The estate is also believed to have the rights to several songs, including the chart- topping "My Sweet Lord", and his 1970 debut solo album All Things Must Pass, as well as income from his part in producing films such as Monty Python's Life of Brian.
Harrison's income was reportedly boosted in the last year of his life, when the success of the Beatles' greatest hits compilation increased his net worth by up to 25 per cent.
"Taxman", from the 1966 album Revolver was written at a time when the Revenue was claiming a huge slice of the Beatles' earnings. He wrote: "Now my advice for those who die/Declare the pennies on your eyes/ Cause I'm the taxman/Yeah, I'm the taxman/And you're working for no one but me."
- 1 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 2 Students offered grants if they tweet pro-Israeli propaganda
- 3 Satellite full of sexually experimental geckos adrift in space, Russia loses control of mission
- 4 Exclusive: Cameron’s Big Society in tatters as charity watchdog launches investigation into claims of Government funding misuse
MH17 crash: Investigators discover more human remains and 'huge section of plane'
Susan Sarandon on David Bowie romance: 'He's worth idolising'
Students offered grants if they tweet pro-Israeli propaganda
A day in the life of Vladimir Putin: The dictator in his labyrinth
Exclusive: Cameron’s Big Society in tatters as charity watchdog launches investigation into claims of Government funding misuse
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
John Barrowman praised for Commonwealth Games opening ceremony gay kiss
£600 - £650 per day: Orgtel: Conduct Risk Liaison Manager - Banking - London -...
Highly Attractive Package: Austen Lloyd: CITY - COMMERCIAL LITIGATION - GLOBAL...
£65000 - £75000 per annum + Benefits: Progressive Recruitment: The client is a...
£40000 - £45000 per annum: Ashdown Group: A well-established software house ba...