Tubular Bells made me a million but the tax bill came to £860,000

by liamssoft | January 21, 2013 at 11:55 pm

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Mike Oldfield has sold more than 20 million albums worldwide. He lives in the Bahamas with his wife, Fanny.

The tax rate was horrendously high in the Seventies, and the royalties, especially those from abroad, took years to filter through. So even though Tubular Bells was a worldwide number one album, I had to ask to be put onto the Virgin payroll at £25 a week and to get luncheon vouchers to use in cafeterias for a free lunch. Then when the first million came in, I remember having to pay £860,000 in tax. Can you believe it?....Read more