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Blockade The Tax Havens


Minxie
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A quote taken from an article in the Financial Times website . . . .

 

Jersey, Guernsey and the Isle of Man should simply be absorbed lock, stock and barrel into the UK, with English laws, rules and regulations applying across the board. The special status of these strange entities is not cute; it’s an enabler and facilitator of unethical and illegal behaviour.
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A quote taken from an article in the Financial Times website . . . .

 

Jersey, Guernsey and the Isle of Man should simply be absorbed lock, stock and barrel into the UK, with English laws, rules and regulations applying across the board. The special status of these strange entities is not cute; it’s an enabler and facilitator of unethical and illegal behaviour.

 

The article has a point. Fortunately for the havens, those who make the decisions are rather good at exploiting them to their own (legal) ends so we should be ok for a while yet.

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The author is basically trolling. The IOM, for example, now has a good record of developing and negotiating agreements with the financial authorities in other regions. That OECD 'blacklisting' is ancient history IMO.

 

No doubt an expert can explain all that better than me. I hope that someone will.

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id say go the other way,

 

leave the protected state of the uk and become a law on to ourselfs,

arrrr

duty free goods for a start,(not that thay would but nice thought)

what ever laws we want with out the uk being a pain, and saying no u cant do this

we have our own cash anyway so no need to change that,

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Thats how it starts....first Liechtenstein, then Poland....havent we been here before???

But the LGT bank in Liechtenstein *was* breaking the rules and the Germans are mounting the pressure. Liechtenstein is just round the corner from me and I know people who work there in private finance and they are very worried. Three banks could be hit hard.

 

I don't think the IOM has anything to worry about.

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The funniest thing about all of this now is that the UK Government now owns a bank in Guernsey.

 

The Times

 

So its encouraging tax dodgers, dodging its own tax system.

 

How it can claim that any of these Crown Dependencies are shoddy when its got offshore depositors on its own books and a wholly owned bank in an offshore tax haven is anyones guess.

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So its encouraging tax dodgers, dodging its own tax system.

 

Is that the same as with the non dom issue. They were going to tax them then got cold feet.

 

The non dom situation for the UK is much worse. The fact that they now own an offshore bank is merely ironic. The non dom legislation will empty out London and I really hope that we will be a big benefactor of the clear out. Brown has forgotten what has made the City so successful and its not just entreprenurial Brits, its all these people who gathered in London because it had the tools they needed and it didn't tax them too badly.

 

They criticise the Crown Dependencies but the non dom rules were/are effectively a virtual tax haven operating within London, and now they are looking to put an end to it. Its not just the tax - many high earners are viewing it as a form of racial prejudice in that it is sending out the message that the UK does not want foreign workers despite the wealth they generate.

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The funniest thing about all of this now is that the UK Government now owns a bank in Guernsey.

 

The Times

 

So its encouraging tax dodgers, dodging its own tax system.

 

How it can claim that any of these Crown Dependencies are shoddy when its got offshore depositors on its own books and a wholly owned bank in an offshore tax haven is anyones guess.

I don't think the UK Government has claimed the Crown Dependencies are shoddy - the FT article was written by a Prof at the LSE, and are his views not those of the UK Govt.

 

His 'solution' of forcible annexation didn't impress me much, but he made some astute comments about the problem and the Crown Dependencies in particular:

The special status of these strange entities is not cute; it’s an enabler and facilitator of unethical and illegal behaviour.

What I take from this is that the special status of the Crown Dependencies is perhaps akin to the special status of Guantanamo Bay - i.e. they do not fall within the municipal jurisdiction of the UK, and so can be used by the UK Government to get around the limits of what can be done within UK territory. It's a bit like 'sock puppet' games. On that score the article has a fair point - that the special status of the Crown Dependencies is not cute; it's an enabler and facilitator of unethical and illegal behaviour.

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