11/11/2007
NEWS STORY
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Even before Lewis Hamilton admitted to British chat show veteran Michael Parkinson that taxation was one of the reasons he has chosen to leave Britain, the satirical magazine Private Eye was 'revealing' that the McLaren driver had chosen to up sticks in order to ensure his money enjoyed greater privacy, away from the prying eyes of the Inland Revenue.
However, if a report in The Independent is true, the Englishman - who it is estimated could save as much as £20m a year as a result of the move to Switzerland - plans a move that could rake in even more dosh, albeit at the risk of turning his beloved British media against him.
It is understood that Hamilton's advisors, led by his father Anthony, are considering floating him on the stock market, thereby allowing punters, and presumably fans, to invest in him, based on future earnings.
It is estimated that should his career continue to flourish, the Englishman could rake in $1bn over the course of the next ten years or so. Consequently his advisors are looking to set up a company with Hamilton its major shareholder and asset, and then sell off 10 per cent of its stock on the London stock exchange, a move which could raise the youngster a lump sum of $100m, before he's won his first title.
A similar move was undertaken by musician David Bowie in the 90s, whereby the Englishman raised £33m by selling bonds against his future earnings. However, this was based on earnings from recordings that already existed not on a (F1) racing career which has only just begun.
Meanwhile, a reliable source informs Pitpass that talk of Hamilton leaving the UK first began over a year ago, before the youngster had made his F1 (race) debut, and therefore before he began having his privacy compromised. Our source insists that this came from the horse's father's mouth... so to speak.