The Treasury Committee has decided to undertake an inquiry into Offshore Financial Centres, as part of its ongoing work into Financial Stability and Transparency.
The Treasury Committee invites written evidence as part of this inquiry. Suggested areas which written evidence might address are given in the Press notice below.
http://www.parliament.uk/parliamenta...al_centres.cfm
people described by treasury as either "involved in criminal activity or very very wealthy individuals". Best get ready to tell the family you are either a criminal or have been hiding loads of cash!
Isle of Man Chamber of Commerce answer to the question: "What has been and is the extent and effect of DTA abuse within Offshore Financial centres"
"A DTA is an agreement entered into by two nations. Almost invaraibly, where an individual or corporation has a presence in both jurisdictions, tax experts will endeavour to construct their clients affairs in a legitimate manner in order to minimize taxation. IF the tax planning is open and as is regularly the case prior consents from HMRC are sought this would seem to be symbiotic for both parties. Research by academics such as Desai et al suggest that without this relationship in the first place the group may chose another jurisdiction that offers this opportunity"
The overriding message is that the government and treasury seem to be ignoring large corporations woh utilise a large number of offshore instruments to optimise their tax position. There appears to be no action planned to address this issue or stem the reduction in CT which is occurring year on year.
There is also a lot of comment on tax evasion not being addressed and more focus should be given to criminal activity which according to this report the government is very much aware of.
There is a recommendation to abandon the non-dom clause with immediate effect. Its been described as totally inappropriate and will create a ring fenced country that stems the flow of investment.
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