3 days ago
Glastonbury founder could avoid £80m in inheritance tax
The owner of Glastonbury festival has transferred most of his financial interest in the event to his daughter and a family trust, potentially avoiding a huge inheritance tax bill.
Sir Michael Eavis, 89, gave his entire shareholding in Glastonbury Festival Events Ltd, the operational company responsible for running the festival and selling tickets, to his daughter Emily, 45, in October.
Last year the company sold 210,000 tickets to the event at about £300 each. Pre-tax profits doubled to nearly £6 million after revenues jumped 20 per cent to £68 million.
At the same time, Eavis, who has long supported the Labour Party and in 2017 endorsed Jeremy Corbyn, describing him as 'the hero of the hour', also transferred three quarters of the shares he owns in the separate holding company, Glastonbury Festivals Limited, to a trust.
