Tax shock for mega rich

As us the world braces itself for the much-anticipated global recession spare a thought for the super rich.

Sardinia’s annual luxury tax – that’s the tax applied to private aircraft and those enormous yachts the likes of Roman Abramovich swan about on during the summer - has been changed to a weekly tax.

The tax will apply from 1 June - 30 September for pleasure craft "using any Sardinian port facility, landing stages and mooring points located in regional territory," according to a statement released by the Sardinian Joint Regional Council, though yachts moored out will are exempt from the tax.

Yachting web site The Triton reported that, “one week of the new rate is equal to a quarter of the old seasonal tax, so for a megayacht between 30 and 60 meters, the new weekly rate is 2,500 euros compared to 10,000 euros for the season last year.”

Bad news - and an extra ten grand – if you're spending the summer on the island.

Not that it seems to bother most people.

"When I was there, I never paid it," said one captain - who presumably wished to remain anonymous.

"I didn’t volunteer it and nobody every came around to collect it.”