It is likely that the shares are held by a family trust or an offshore company registered in another jurisdiction, rather than being held personally by him. Alt

It is likely that the shares are held by a family trust or an offshore company registered in another jurisdiction, rather than being held personally by him. Although I am not familiar with the UK's tax laws, in other countries, loopholes exist that allow for taxable income from dividends of shares held personally to be reduced or eliminated through capital loss and depreciation deductions.