‘Labour has declared war on offshore tax havens, declaring that £2.4bn could be raised for the Exchequer if such loopholes were closed. Pledging to focus on “fairness in tough times”, Ed Miliband has set his sights on the Channel Islands and the Isle of Man, which shelter cash for UK residents which would otherwise be taxed by HMRC.
‘Such offshore funds are generally held in front companies or trusts, and tax havens are not obliged to inform HMRC which taxpayer is behind such vehicles. Mr Miliband says the EU’s efforts to close these loopholes are moving too slowly, and that accelerating the plans would bring in vital funds to help reduce the UK’s deficit.’
‘Labour has declared war on offshore tax havens, declaring that £2.4bn could be raised for the Exchequer if such loopholes were closed. Pledging to focus on “fairness in tough times”, Ed Miliband has set his sights on the Channel Islands and the Isle of Man, which shelter cash for UK residents which would otherwise be taxed by HMRC.
‘Such offshore funds are generally held in front companies or trusts, and tax havens are not obliged to inform HMRC which taxpayer is behind such vehicles. Mr Miliband says the EU’s efforts to close these loopholes are moving too slowly, and that accelerating the plans would bring in vital funds to help reduce the UK’s deficit.’
