Editing Richard Branson (section)

==Tax evasion==
In 1971 Branson was convicted for tax evasion and was briefly jailed, for one night, having fraudulently obtained export documents for records to be sold on the domestic market to avoid paying [[Purchase Tax]].<ref name="auto">{{cite web|url=http://www.slate.com/articles/business/how_failure_breeds_success/2014/05/richard_branson_tax_fraud_how_a_youthful_indiscretion_helped_create_a_billionaire.html|title=A Portrait of the Billionaire as a Young Tax Cheat|first=Jordan|last=Weissmann|date=27 May 2014|access-date=5 May 2018|work=Slate|archive-url=https://web.archive.org/web/20180602080756/http://www.slate.com/articles/business/how_failure_breeds_success/2014/05/richard_branson_tax_fraud_how_a_youthful_indiscretion_helped_create_a_billionaire.html|archive-date=2 June 2018|url-status=live}}</ref><ref name="guardianlv.com">{{cite web|url=http://guardianlv.com/2014/05/richard-branson-from-tax-fraud-to-billionaire/|title=Richard Branson : From Tax Fraud to Billionaire · Guardian Liberty Voice|date=29 May 2014|access-date=5 May 2018|archive-url=https://web.archive.org/web/20180205072332/http://guardianlv.com/2014/05/richard-branson-from-tax-fraud-to-billionaire/|archive-date=5 February 2018|url-status=live}}</ref> Customs officials caught onto the scheme and executed a [[sting operation]], marking records bought for the international market with [[invisible ink]] and subsequently buying them on the domestic market. Branson was advised of the sting by an anonymous tip-off and attempted to dispose of the evidence, but this was unsuccessful.<ref name="auto"/><ref name="guardianlv.com"/>

Branson's business empire is owned by a complicated series of [[offshore trust]]s and companies. ''[[The Sunday Times]]'' stated that his wealth is calculated at £3&nbsp;billion; if he were to retire to his Caribbean island and liquidate all of this, he would pay relatively little in tax.<ref>{{cite news|url=https://www.thetimes.com/sunday-times-rich-list/profile/article/sir-richard-branson-net-worth-sunday-times-rich-list-x6gt2pgt5|title=The Sunday Times Rich List 2019: Sir Richard Branson net worth|newspaper=[[The Sunday Times]]|date=12 May 2019|access-date=5 September 2019|issn=0140-0460|archive-url=https://web.archive.org/web/20190730211811/https://www.thetimes.co.uk/article/sunday-times-rich-list-sir-richard-branson-net-worth-bnfsdrlkx|archive-date=30 July 2019|url-status=live}}</ref> Branson has been criticised for his business strategy, and has been accused of being a [[carpetbagger#United Kingdom|carpetbagger]].<ref>{{cite news |last=Chakrabortty |first=Aditya |date=21 November 2011 |title=Is Richard Branson all he's cracked up to be? |url=https://www.theguardian.com/commentisfree/2011/nov/21/richard-branson-northern-rock |url-status=live |archive-url=https://web.archive.org/web/20131002172732/http://www.theguardian.com/commentisfree/2011/nov/21/richard-branson-northern-rock |archive-date=2 October 2013 |access-date=7 April 2013 |newspaper=[[The Guardian]]}} Branson's reply is here [https://www.theguardian.com/commentisfree/2011/nov/23/nonsense-virgin-success-dependent-on-state] {{Webarchive|url=https://web.archive.org/web/20170213002248/https://www.theguardian.com/commentisfree/2011/nov/23/nonsense-virgin-success-dependent-on-state|date=13 February 2017}}.</ref><ref>{{cite web |last=Chakrabortty |first=Aditya |date=24 June 2013 |title=Don't be fooled by Richard Branson's defence of Virgin trains |url=https://www.theguardian.com/commentisfree/2013/jun/24/richard-branson-defence-virgin-trains |url-status=live |archive-url=https://web.archive.org/web/20131001061234/http://www.theguardian.com/commentisfree/2013/jun/24/richard-branson-defence-virgin-trains |archive-date=1 October 2013 |access-date=27 June 2013 |work=[[The Guardian]]}} Branson's response is here [https://www.theguardian.com/commentisfree/2013/jun/20/virgin-trains-handouts-track] {{Webarchive|url=https://web.archive.org/web/20170213002543/https://www.theguardian.com/commentisfree/2013/jun/20/virgin-trains-handouts-track|date=13 February 2017}}.</ref><ref>{{cite web|first=Aditya|last=Chakrabortty|date=10 June 2013|title=The truth about Richard Branson's Virgin Rail profits|url=https://www.theguardian.com/commentisfree/2013/jun/10/truth-richard-branson-virgin-rail-profits|work=[[The Guardian]]|access-date=27 June 2013|archive-url=https://web.archive.org/web/20130823214900/http://www.theguardian.com/commentisfree/2013/jun/10/truth-richard-branson-virgin-rail-profits|archive-date=23 August 2013|url-status=live}}</ref> Branson responded that he is living on Necker for health rather than tax reasons.<ref>{{cite news |url=https://www.theguardian.com/business/2013/oct/13/richard-branson-tax-exile-virgin |title=Richard Branson denies being a tax exile |last1=Garside |first1=Juliette |date=13 October 2013 |work=The Guardian |access-date=16 October 2013 |archive-url=https://web.archive.org/web/20131014024733/http://www.theguardian.com/business/2013/oct/13/richard-branson-tax-exile-virgin |archive-date=14 October 2013 |url-status=live}}</ref>

In 2013, Branson described himself as a "tax exile", having saved millions in tax by ending his mainland British residency and living in the [[British Virgin Islands]].<ref>{{cite web|url=https://www.telegraph.co.uk/finance/businessclub/10376341/Ive-been-a-tax-exile-for-seven-years-says-Branson.html|title=I've been a tax exile for seven years, says Branson|first=Roland|last=Gribben|date=13 October 2013|access-date=5 May 2018|work=The Daily Telegraph|archive-url=https://web.archive.org/web/20180507073052/https://www.telegraph.co.uk/finance/businessclub/10376341/Ive-been-a-tax-exile-for-seven-years-says-Branson.html|archive-date=7 May 2018|url-status=live}}</ref> This was echoed by the then [[Shadow Chancellor of the Exchequer]], Labour's [[John McDonnell]], in 2016, amid calls for his knighthood to be revoked.<ref>{{cite web|url=https://www.express.co.uk/news/uk/704616/sir-richard-branson-jeremy-corbyn-virgin-knighthood-tax-exile-john-mcdonnell|title='Tax exile' Richard Branson facing calls for his knighthood to be scrapped|first=Jack|last=Fenwick|date=28 August 2016|access-date=5 May 2018|archive-url=https://web.archive.org/web/20180205072151/https://www.express.co.uk/news/uk/704616/sir-richard-branson-jeremy-corbyn-virgin-knighthood-tax-exile-john-mcdonnell|archive-date=5 February 2018|url-status=live}}</ref>