UK MP puts spotlight on tax losses
Thursday 31st March 2011, 2:57PM BST.
Labout MP Chris Bryant
A Labour Member of Parliament has called for the UK Treasury to reveal how much tax revenue the country loses because of Jersey.
In a written question in the House of Commons, Chris Bryant asked for estimates of tax lost through British-based companies using tax avoidance schemes in Jersey, the amount of tax lost through such schemes and what the Treasury was doing to restrict such schemes.
His inquiry comes just weeks after ministers announced changes to the zero-ten company tax system over pressure from the UK and EU.
The question prompted reference to a new strategy on Tackling Tax Avoidance being promoted by the UK Treasury, including proposals for a new sweeping General Anti-Avoidance Rule.
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Bryant should join with others in calls for a full public inquiry into the thousands of abuses against children and the abuses of the legal system.
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Well that rather large distribution (nearly £1b) to Sir Philip Green’s wife went through a Jersey company and then down to Monacco. Now if the UK tax authorities tightened up their tax laws a bit, that would have been another £500 million to HMRC. I think UK Uncut should actually be doing their denial of business attacks on the trust companies over here rather than outside Top Shop.
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These UK MPs need to stop playing the blame game. They’re so quick to try and pin the country’s financial woes on places like Jersey (which they brand secretive and even evil!) rather than their own mismanagement.
The key point here is that is is “avoidance”, not “evasion”. If people in the UK can save money on taxes by going elsewhere then who’s fault is that?
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Captain Underpants I do believe?
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So they think they should have this money…..so is it Avoidance…or Evasion…..seems to depend on your viewpoint….but what is it really and Morally who does the money rightfully belong to…
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Someone should tell this MP about the Foot Report commissioned by the former labour government and published late 2009 to find out exactly what the crown dependencies do, or do not contribute to the UK. I quote
“The nine jurisdictions account for over 60% of the total financial flows through the banking system.
Total is significantly inflated due to the short term US dollar flows through Cayman due to the prohibition on payment of interest on demand deposits in the US.
Financial flows for the other eight are equal to those of Switzerland
The Crown dependencies make a significant contribution to the liquidity in the UK market
In the second quarter of 2009 this amounted to $332.5 billion.
In 2008 Bermuda insurers and reinsurers wrote 30% of the total insurance written at Lloyd’s of London – £5.4 billion
QED!
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Interesting character according to Wikipedia. He may want to spend some time trying to encourage employment in the Rhonda, rather than slinging mud over here.
Chris Bryant claimed over £92,000 in expenses over the five years leading up to the 2009 scandal over MPs’ expenses. During that time he flipped his second-home expenses twice, claimed mortgage interest expenses that started at £7,800 per year before rising (after flipping) to £12,000 per year. He also claimed £6,400 in stamp duty and other fees on his most recent purchase, and £6,000 per year in service charges. A claim that he made for £58,493.26, almost three times the annual maximum, in 2004, was disallowed.
Media
He was ridiculed by the press in 2003 when he was discovered to have posed wearing only underpants on a gay dating site, Gaydar, whilst an MP. there was much talk of his possible deselection.
With a statesman of such high standing we should all be very afraid.
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maybe they would pick up the tab for us if it all goes pop.
i will enjoy a life on the dole , and will get a sailboat for fishing with.
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He does not matter at all.
The man who matters is George Osborne and he intends to shut down the low value VAT exemption, the renumeration paid via offshore companies and some other exciting games.
Right does not matter, he wants the cash and can squeeze us
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People should pay taxes in the country in which their profits are made
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+1 Nils Morgan
“Bryant should join with others in calls for a full public inquiry into the thousands of abuses against children and the abuses of the legal system”
How is this at all relevant to the post?
Given your rapid response is indicative of the irrelevance, stick to the subject, not some flogged horse most of us are tired of hearing about
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Over the past couple of decades our financial services industry has consciously shied away from the promotion of tax avoidance schemes and tax evasion so that we now have a situation where the bulk of our industry competes on quality and expertise.
Unfortunately when such accusations are levied, we are judged on the few remaining small Trust Companies who we continue to allow to openly promote blatant tax evasion schemes to the UK. Indeed what is the point of the Jersey public continuing to pay out millions of pounds to a regulator to ensure that we are squeaky clean with respect to money laundering whilst at the same time licencing these companies who continue to bring our entire economy into disrepute. With the continuing global recession such accusations and calls to legislate against offshore finance centres will only grow loader and more persuasive.
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Not again – it all happened in the 70′s – Mr Foulkes, Faulkes, Foukes etc. Does anyone remember him?
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‘Not again – it all happened in the 70′s – Mr Foulkes, Faulkes, Foukes etc. Does anyone remember him?’
Yes, people were going around saying “We are going to be well and truly Foulked”.
“Bryanted” doesn’t have the same ring about it.
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Obviously you do not remember being Lawsoned when he shut down the gilt funds under Mrs Thatcher.
Next year we are going to be Osborne’d when he knocks out the VAT exemption and some of the more interesting pay exemptions.
Don’t worry, it won’t hurt, he is a Tory!
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foulkes is lord these days i think?
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