(LONDON) #Coronavirus Finance Report: British backed Virgin Atlantic Airways Ltd first applies to U.K. gover nment to obtain backing but make sure he transfers his shares worth $1.1-billion in Virgin Galactic Holdings Inc a Delaware based company to the B…

https://acenewsservices.com/2020/04/06/london-coronavirus-finance-report-british-backed-virgin-atlantic-airways-ltd-first-applies-to-u-k-gover-nment-to-obtain-backing-but-make-sure-he-transfers-his-shares-worth-1-1-billion-in-virgin/

#AceFinanceReport
– Apr.06: Richard Branson moved assets from the U.S. to the British Virgin Islands, highlighting his use of tax havens at a time one of his businesses sought a state bailout because of the coronavirus pandemic:
Filings show a Delaware-based company for his $1.1 billion stake in Virgin Galactic Holdings Inc. transferred shares in the space-travel firm on March 16 to the Caribbean territory where Branson, 69, lives:
Residents in the BVI pay no income or capital-gains taxes while the U.S. state is known for preserving the privacy of its corporate owners:
Virgin Galactic became the first publicly traded space-tourism firm last year after merging with a listed investment vehicle, and the Delaware holding company was set up for that transaction:

The move is unrelated to Branson’s request for British backing for Virgin Atlantic Airways Ltd., and many of his businesses do pay U.K. tax: He’s also pledged $250 million to support his group’s operations since transferring his shares in Virgin Galactic:

“This is as an internal reorganisation that has no effect on our ownership interest,” a representative for Branson said. “Rather than continuing to hold the shares indirectly, we undertook this exercise to eliminate indirect ownership through that subsidiary, as the U.S. entity was no longer necessary.”

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