Beatle leaves huge fortune, but the Taxman get's 40%

BBC ^

[Sub-Driver]

Harrison leaves £99m will George Harrison left almost £100m ($155m) in his will, it has been announced, as final preparations are made for an all-star charity tribute concert in his honour. Harrison left £99,226,700, reduced to £98,916,400 after expenses, a High Court spokeswoman confirmed.

He is thought to have divided the money between his wife Olivia and family members and a number of charities.

But in an ironic twist on one of Harrison's best-known songs - Taxman - 40% of his fortune will be handed over to the Inland Revenue in death duties.

Taxman's lyrics taunted the Inland Revenue with such lines as: "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."

The song was recorded in 1966 at the height of The Beatles' popularity as the exchequer was claiming a substantial portion of the band's income.

Performers

The amount of Harrison's estate was disclosed as 5,000 music fans prepared to descend on London's Royal Albert Hall for a memorial concert on the first anniversary of his death.

His former Beatles colleagues Sir Paul McCartney and Ringo Starr will lead performers at the show on Friday.

Joining them will be Eric Clapton, ELO founder Jeff Lynne, Jools Holland, Tom Petty, and Ravi Shankar, the Indian sitar player who influenced Harrison.

The concert takes place a year to the day since Harrison's death from cancer at the age of 58.

"It's a reflection and a celebration - my dear friend George died on that day," said Starr. "And it's a positive groove - Olivia wanted to put it together and we all said 'yeah'."

George's widow Olivia, who organised the concert with Eric Clapton, said: "The tribute will resound not only within the Albert Hall, but hopefully reach the spirit of a man so loved by his friends who will be performing and attending."

Favourite

The concert will raise money for the charity Harrison funded, the Material World Charitable Foundation, which supports the arts, education, and people with special needs.

It will feature a mixture of Harrison's own music and a selection of his favourite songs.

Stars of the comedy series Monty Python's Flying Circus have also agreed to take part.

On Thursday, Olivia, who had been married to Harrison for 23 years, spoke of how he had accepted the fact he was dying of cancer.

"He gave his life to God a long time ago. He wasn't trying to hang on to anything. He was fine with it," she told US TV network NBC.

Peace

"Sure, nobody likes to be ill and nobody likes to be uncomfortable. But he went with what was happening."

She said the guitarist had spent years searching for inner peace and had aspired to "a higher kind of consciousness, a higher life".

"George dedicated a lot of his life to obtain a good ending, and I don't have any doubt that he was successful."

[Sub-Driver]

Death duties?

[APBaer]

Taxman
(George Harrison)
Lead Vocal: George Harrison

[1,2,3,4

Hrmm!

1,2...

1,2,3,4.]

Let me tell you how it will be
There's one for you, nineteen for me
'Cause I'm the taxman, yeah, I'm the taxman

Should five per cent appear too small
Be thankful I don't take it all
'Cause I'm the taxman, yeah I'm the taxman

If you drive a car, I'll tax the street
If you try to sit, I'll tax your seat
If you get too cold I'll tax the heat
If you take a walk, I'll tax your feet

Taxman!
'Cause I'm the taxman, yeah I'm the taxman

Don't ask me what I want it for (Aahh Mr. Wilson)
If you don't want to pay some more (Aahh Mr. Heath)
'Cause I'm the taxman, yeah, I'm the taxman

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
Taxman!

[mc5cents]

Tax his cow, Tax his goat;
Tax his pants, Tax his coat;
Tax his crop, Tax his work;
Tax his ties, Tax his shirt;
Tax his chew, Tax his smoke;
Teach him taxing is no joke.
Tax his tractor, Tax his mule;
Tell him, Taxing is the rule.
Tax his oil, Tax his gas;
Tax his notes, Tax his cash;
Tax him good and let him know,
That after taxes, he has no dough.
If he hollers, Tzx him more;
Tax him till he's good and sore.
Tax is coffin, Tax his grave,
Tax his sod in which he's laid.
Put these words upon his tomb,
"Taxes drove him to his doom."
After he's gone, we won't relax.
We'll still collect inheritance tax.

[Slyfox]

Hey, them Brit's gotta pay for that free medical care somehow.

[Dutchy]

Thanks for the post SubD... The Brit taxman always gets his... But who are we talk?? He'd pay a death tax here too.....Let's get rid of it!! Any word whether this concert may be recorded and shown on American T.V.?? I enjoyed McCartney's American tour that was shown on T.V. last Wednesday evening......

[jwh_Denver]

"Let me tell you how it will be
There's one for you, nineteen for me
'Cause I'm the taxman, yeah, I'm the taxman

Should five per cent appear too small
Be thankful I don't take it all
'Cause I'm the taxman, yeah I'm the taxman"

At the time George wrote this song royalties were taxed at %95 so there was no exageration in the song. The only way to avoid the tax was to live outside of England for 6 months and a day which many like Jimmy Page did.

[Theodore R.]

Wouldn't one think that no matter how much the tax rate was that George Harrison would have been among the biggest cheerleaders of the tax-and-spend welfare state? Wasn't Mr. Harrison known for his "compassion" for the downtrodden? Wouldn't he want an expanded state to take care of such "needs"? I would imagine that he was elated that taxes consumed such a huge part of his estate, for he believed that progress rested with the strong, central government. There are actually "fruitcakes" who say how much they enjoy paying taxes. Because they equate TAXES=HELP FOR THE DOWNTRODDEN.

[logic101.net]

Yep, but what happend to Paul?

MARK A SITY
http://www.logic101.net/

[thinktwice]

A lawyer once told me that the best way to die was with all your assets stacked up in a neat pile at the location set for the reading of your will.

[sourcery]

At the time George wrote this song royalties were taxed at %95 so there was no exageration in the song. The only way to avoid the tax was to live outside of England for 6 months and a day which many like Jimmy Page did.

The real reason for the "British Invasion" of the sixties!

[jwh_Denver]

LOL! "Yeah guys, just 34 more days of touring before we go back to England! With money!"

[Helms]

This must mean that Paul is a Billionaire,along w. the Linda Eastman money. Damn, all these icons with megabucks.

[Trailerpark Badass]

But who are we talk?? He'd pay a death tax here too.....

And it's sure higher than 40%.

[mr.pink]

Geez...I'd hate to have to try to make ends meet on a measley $85 mil. ;o)

[xp38]

What is really galling is that this wealth had already been taxed as long as it was declared in the years it was earned. It's obvious however that George weighed the pluses and minuses of living in the UK compared to living in some of the tax havens that some of his peers do and decided on the UK.

[SamAdams76]

This 99 million pounds converts to about 155 million American dollars. Frankly, it doesn't sound like a lot of money for a member of the best selling rock band in recording history. I figured Harrison would be worth a billion at least, with his songwriting partners McCartney and Lennon being worth around five billion or so.

[Fresh Wind]

The taxman's taken all my dough
And left me in my stately home
Lazing on a sunny afternoon
I can't sail my yacht
He's taken taken everything I've got
All I got's this sunny afternoon
Save me, save me, save me from the squeeze
I got a a big fat momma trying to break me
And I love to live so pleasantly
Live this life of luxury
Lazin' on a sunny afternoon

[Skooz]

Is that an original? I like it.

[plain talk]

For royalties taxed at 95% and then taxed again at 40% upon death means those royalty earnings were really taxed at around 97%.