‘Paradise Papers: Theresa May refuses to promise register of offshore trusts’

Offshore investing allows companies to avoid paying tax in the UK and is not illegal. Theresa May says she does not intend to change this so that it becomes tax evasion, which is illegal.

One can only assume that her investment banker husband has given her his professional advice.

Though:

“After his wife Theresa May, now the British Prime Minister, emerged as the only remaining candidate for the Conservative party leadership, his employer issued a statement saying that his current job does not make him responsible for investment decisions: “he is not involved with, and doesn’t manage, money and is not a portfolio manager. His job is to ensure the clients are happy with the service and that we understand their goals.”
(Wiki)

“Their goals”, right …

Guardian :

“Theresa May has refused to commit to a public register of the ownership of offshore companies and trusts in the wake of the Paradise Papers revelations but said new measures were already creating more transparency. …
… Corbyn called for a full public inquiry into tax avoidance and evasion, as well as a new tax enforcement unit at HMRC.

“Please understand the public anger and consternation at the scale of tax avoidance revealed yet again today,” he told the annual gathering of business leaders. “We are talking about tens of billions that are effectively being leached from our vital public services by a super-rich elite that holds the taxation system and the rest of us in contempt.

“We must take action now to put an end to this socially damaging and extortionately costly scandal.”

One thought on “‘Paradise Papers: Theresa May refuses to promise register of offshore trusts’

  1. “PARADISE PAPERS: THERESA MAY REFUSES TO PROMISE REGISTER OF OFFSHORE TRUSTS”

    Of course not. It would be incredibly naive indeed to expect her to agree to a register of offshore trusts.

    I would be extremely surprised if there was a single major Conservative Party donor (or sponsor or investor if we want to be more accurate in describing them) who does NOT have an Offshore Trust. Indeed I think it likely that many Conservative MPs and Lords also have them.

    So enacting a register of Offshore Trusts would probably mean rebellion from many Tory MPs and Lords and a drought of donations necessary to keep the Conservative Party solvent.

    So it would indeed be political suicide for Theresa May as she would likely face an immediate leadership challenge – and disastrous in the extreme for the Conservative Party who would have no funds with which to lie to the electorate.

    Conservative Party – “For the Few not the Many”

    Like

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