Mick Jagger and Keith Richards’ company generates £140m with minimal tax

Mick Jagger and Keith Richards holding company Promotional Group BV has amassed substantial revenue of at least $180m (£142m) over nine years.

The company pays less than 1% of total revenue in taxes.

Since 2013, the Rolling Stones company has quietly amassed millions of dollars in revenue, records show.

In its latest filing in March this year, the company’s directors disclosed that “accounts receivable” for the period January to December 2021 amounted to $25 million.

However, only $213,000 (£168,000) was paid in tax during this period.

Based on calculations since 2013, Promogroup’s accumulated accounts receivable totaled US$180.9 million, while the tax paid was only US$1.53 million, equivalent to a tax rate of approximately 0.84%.

There is no suggestion that Promogroup BV has acted unlawfully in tax matters, and the personal tax obligations of Mick Jagger and Keith Richards have not been disclosed.

BV manages the financial affairs of Mick Jagger, Keith Richards and the estate of late drummer Charlie Watts, while guitarist Ronnie Wood handles his own tax matters.

The band had been seeking legal options to minimize their tax liabilities, going on a tax escapade as early as 1971 after discovering they owed a huge amount of tax to HMRC.