Yesterday I wrote a letter to the Prime Minister, along with 12 cross-party colleagues from the APPG on Responsible Tax, calling on the Government to use this Budget to take action against aggressive tax avoidance by enforcing a deadline for Overseas Territories on public registers of beneficial ownership.
Public registers are the only way by which we can ensure that we know who owns what and where. Having Public Registers would allow regulatory authorities to crack down on the wrongdoing that inevitably results from secrecy.
The shocking revelations of the Paradise Papers shows us on ce again how the UK’s Overseas Territories and Crown Dependencies are central to mass tax avoidance by individuals and global corporations.
Britain should lead the way in the world on tax avoidance, tax evasion and financial crime and the solution is greater transparency through implementing these Public Registers.
You can read our letter to the Prime Minister below: