Sunday, 05 November 2017 21:36

Why there will be no deal, or a hard Brexit with no two year transition period Featured

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The EU have been implementing an Anti-Tax Avoidance Directive and member states will have to implement these measures from January 1st 2019.

They are as follows: (source: Europa.eu)

Controlled foreign company (CFC) rule:
Controlled foreign company rule

Switchover rule: 
Switchover Rule

Exit taxation:
Exit taxation

Interest limitation:
Interest limitation 

General anti-abuse rule: 
General anti-abuse rule

WIth the release today of some people and their Tax Avoidance measures from the Paradise Papers: (source: The Guardian)

  • The Queen and millions of pounds from her private estate invested in a Cayman Islands fund
  • Tory Donor Lord Ashcroft and his $450million offshore trust

 Going back to 2016 and the release of the Panama Papers: (source: The Guardian)

  • David Cameron's Father avoided ever having to pay tax in the UK by hiring a small group of Bahamas residents to sign his paperwork

Then we have the Rothmere family, owner of the Daily Mail, on a list with (source: The Guardian):

  • Sir Stelios Haji-Ioannou, Easyjet
  • Sir James Dyson, vacuum cleaners
  • Laura Ashley, fashion

I've archived this page from the Daily Mail, which funnily enough has an article about companies in the UK that avoid paying tax: (source)

  • Boots
  • Apple
  • McDonald's
  • Vision Express
  • Starbucks
  • Thomas Cook

Then we have a list of Conservative donors: (source: East Devon Watch)

  • JCB Service – £1.5m. It’s owned by Anthony Bamford, who was not only named in the Panama Papers, but who operates JCB out of tax haven Bermuda.
  • John C Armitage – £1.1m. Armitage is the founder of Egerton Capital, a hedge fund that enables [xml] tax avoidance for investors.
  • John Griffin – £1.03m. Griffin and his private hire firm Addison Lee were caught up in a lobbying scandal in 2012.
  • Mark J. C. Bamford – £750,000. The younger brother of Anthony Bamford, owner of JBC Service, he was caught up in a row over a JCB subsidiary, JCB research, which, while only worth £27,000, was the biggest Tory donor in the run-up to the 2010 general election.
  • Andrew E Law – £525,000. Law is a hedge fund owner [paywall] whose firm Caxton Associates is registered in the US tax avoidance state of Delaware.
  • David J Rowland – £312,500. The Canary conducted a major investigation into Rowland in 2016, and described his offshore tax affairs as “mind blowing”.
  • Lord Michael Ashcroft – £500,000. Ashcroft has been involved in several tax avoidance scandals. He also co-authored the book at the centre of the David Cameron ‘Pig gate’ scandal.

Other Tory donors during the election period included:

  • Sir Henry and Lady Keswick – £150,000. Keswick’s company Jardine Matheson was linked to tax avoidance via Luxembourg and has numerous subsidiaries in tax haven Bermuda.
  • Charles ‘Julian’ Cazalet – £10,000. Cazalet is a non-executive director of NHS private provider Deltex Medical Group.
  • Malcolm Healey – £100,000. Healey was fined by HMRC in 2015 for making £8.6m [pdf] by using a tax avoidance scheme.
  • Bruce Hardy McLain – £100,000. McLain’s private investment firm CVC Capital Partners is currently embroiled in a £5m bribery and tax avoidance scandal involving Formula One.
  • Ayman and Sawsan Asfari – £100,000. Ayman is currently under investigation by the Serious Fraud Office. He also runs oil company Petrofac, which avoids tax via Jersey.
  • Rainy City Investments – £100,000. Owned by Peter and Fred Done, who were fined £800,000 by the Serious Fraud Office over money laundering allegations.
  • Investors in Private Capital Ltd – £150,000. Co-owned by James ‘Jamie’ Reuben, family friend of George Osborne, it paid no UK corporation tax in 2014, despite a turnover of £35m.

As you can see, there are a lot of influential people, with a lot to lose if we were to remain in the EU, or leave with a hard or soft Brexit and a transtion period.

Nevermind the fact that thousands of jobs will be lost, wages will fall by £2000 per head, per year, there will be no freedom of movement, no single market, and then prospect of the UK Governement's Power Grab, regarding the Great Repeal Bill.

Brexit is for the 1% and the 1% only.

 

Last modified on Tuesday, 14 November 2017 11:49

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