Margaret Thatcher Tax Shock: £12M Mansion Where She Saw Out her Days Registered in TAX HAVEN
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Flag-waving former PM Margaret Thatcher may have avoided millions in inheritance tax by keeping a chunk of her fortune offshore. A copy of Tory Baroness Thatcher’s will shows she left a £4.7million estate to be shared among family members.
But the £12million Central London mansion where the Iron Lady spent the last years of her life is owned by an anonymous trust registered in the British Virgin Islands – a notorious tax haven. Through this arrangement she could have avoided up to £5million in inheritance tax – the 40% that would have been due if it was owned by a UK individual.
In the will, made in 1997, Thatcher intended to leave £1million to husband Sir Denis, but he died in 2003 – 10 years before her. Instead, her estate is split between her family, with a third each going to her twins Mark and Carol, and the remaining third shared by her grandchildren when they reach 25. Expert Richard Murphy, of Tax Research, said: “It has always been strange that Margaret Thatcher, that most British of prime ministers, enjoyed the benefits of a property registered in the British Virgin Islands. "
"It is possible that Denis Thatcher set up the trust or other offshore arrangements in order to save tax.”
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