In a recent episode of The Rosebud Podcast, Hayley Mills, renowned for her early work as a star in Walt Disney films, recounted the financial difficulties she faced after her teenage success. At the age of 80, Mills reflected on how she lost a substantial fortune to taxes due to poor financial advice, a situation exacerbated by the practices of her father’s business manager.
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Mills, along with her sister Juliet, spoke to host Gyles Brandreth about her experiences in the film industry during her formative years. The conversation turned to the millions of pounds Mills presumably earned from her roles in beloved Disney classics, such as “Pollyanna” and “The Parent Trap.” However, Mills revealed that instead of celebrating wealth, she found herself destitute when she reached adulthood.
Describing her situation succinctly, Mills stated, “In a nutshell, I gave it to the tax man.” This statement echoed her distress over how she was reportedly “poorly advised” regarding financial matters, suffering significant tax liabilities as a consequence. She explained that the design of her trust fund during her career resulted unfavourably, with super tax rates peaking at 90% during that era, which required a complex approach to her earnings.
The conversation delved into the role of her father, the late Sir John Mills, and his business manager, Stanley Passmore, who made critical decisions about Hayley’s finances. Mills recounted a particularly impactful moment when, upon turning 21, she was handed an envelope containing a notification from the Inland Revenue, which demanded a staggering payment of 90% of her earnings.
“I said, ‘Well, what does this mean? I don’t understand.’ And Stanley laughed,” Mills recalled. Her sister Juliet added that Passmore’s conduct was dubious, noting, “He was a crook.” Hayley expanded on this sentiment, saying, “He didn’t give a flying Dutchman,” emphasising the distressing nature of her financial situation. Reports suggest that Mills ultimately lost close to £2 million and even appealed the matter to the House of Lords, only for the ruling to be upheld, confirming her tax responsibilities.
Following this chapter in her life, Mills found it challenging to transition from child star to adult actress. She acknowledged that her career proved difficult during her 20s, admitting she struggled to find suitable roles and connect with her audience. Despite the challenges, Mills reflected on Disney’s offer for a new contract, which she declined; at that juncture, she desired to explore broader opportunities beyond the confines of her early filmography.
She recounted, “I didn’t want to do more Disney movies. I wanted to spread my wings and have a greater choice and not be limited by that.” This decision led to a critical breakthrough in Mills’ career with her role in “Tiger Bay,” which won her the BAFTA Award for Most Promising Newcomer. This success was soon followed by other significant projects like “Pollyanna,” for which she received the Academy’s Juvenile Award.
Later in her career, Mills featured in “The Parent Trap,” portraying the dual roles of twins Susan and Sharon. A string of Disney films followed, with her final collaborations coming in the 1980s with various TV-movie sequels to “The Parent Trap.” Interestingly, her father Sir John Mills was also offered a part in a Disney film, demonstrating the longstanding association of the Mills family with the studio.
Both Hayley and Sir John have been honoured as Disney Legends, with Hayley receiving her accolade in 1998 and her father posthumously in 2002. Their legacy within the Disney franchise continues to resonate, not only for their contributions to cinema but also for the insights they offer into the complexities of fame and financial management in the entertainment industry.
As Hayley Mills reflects on her journey, her experience serves as a cautionary tale about the importance of sound financial advice, especially for young stars navigating the challenging landscape of show business. Her candid revelations are a reminder of the challenges faced by young people in high-pressure environments and the need to advocate for oneself in the often unforgiving world of financial management.