Tackling tax havens
I have tabled an amendment to the Finance Bill to encourage the Government to get tough on tax havens. The amendment would ensure that the Government uses powers it has used before to insist on public registers of beneficial ownership in the UK’s Overseas Territories.
We know from the Panama Leaks that UK Crown Dependencies and Overseas Territories play a big role in helping businesses and individuals avoid and evade tax. They enable some of the world’s wealthiest individuals and most powerful multinational companies avoid or evade tax. We need to put an end to their corrupting presence in the tax system.
The UK tax havens are some of the most secretive places and nearly half of the companies and trusts set up by Mossack Fonseca were established in just one of the British Overseas Territories: the British Virgin Islands. They thrive on secrecy and it’s time we sweep that away.
At a time when residents are really feeling the pinch it just isn’t fair that rich businesses and individuals are keeping their money offshore and away from the tax man. Every pound avoided is a pound lost to the public purse that could pay for much needed school places, hospitals and care for the elderly here in Barking and Dagenham.
I am delighted that this amendment has secured cross party support and I look forward to debating this amendment on the 28th June.
You can see the wording of the amendment below.