Photo: WENN

Jean Michel Jarre has denied that he was considering tax exile in the UK, after Downing Street confirmed the French star was planning to start a business in London.

Jarre is considering starting an academy for electronic music in London's Tech City - which has tax incentives for potential investors, in order to encourage their business.

However, since the French president François Hollande said that the rich in France must start paying more taxes, a number of high-profile and wealthy French citizens have started seeking tax exile.

Jarre has since issued a statement saying that his consideration of a business in London is nothing to do with a tax increase, with Jarre's friends saying he will continue to live in Paris - where his main business is based.

A representative for the star said, "For many years, Jean Michel Jarre has had personal and professional links with the UK, none of which were ever motivated by any French political measures."

Jean Michel Jarre says he is not looking to London as a tax exile

The debate was heightened after French actor Gérard Depardieu bought a house in Belgium, after publicly disagreeing with high taxes and saying that he would give up his French passport.

This led French Prime Minister Jean-Marc Ayrault to say, "It's pathetic, really. Paying taxes is an act of patriotism and we're asking the rich to make a special effort here for the country."

It's all about the money: check out the 25 richest musicians of 2012