This is not exactly true. If you move to another country (I live in Sweden) your UK license is still valid as long as it is valid in your home country. However the DVLA do not allow you to update the address to an address outside of the UK. I have a written reply from the DVLA stating that in the case that you move to another EU country it is accepted that the address on your license will be incorrect.
I also use my UK license (with the incorrect address) to rent a hire car each time I travel back to UK. I explain the situation to them and they just ask me to write down my actual address, no fuss or suggestion that anything is wrong.
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@Lee
This is not exactly true. If you move to another country (I live in Sweden) your UK license is still valid as long as it is valid in your home country. However the DVLA do not allow you to update the address to an address outside of the UK. I have a written reply from the DVLA stating that in the case that you move to another EU country it is accepted that the address on your license will be incorrect.
I also use my UK license (with the incorrect address) to rent a hire car each time I travel back to UK. I explain the situation to them and they just ask me to write down my actual address, no fuss or suggestion that anything is wrong.