Jaimie Kaffash

Tax Hack

A blog by Jaimie Kaffash, Accountancy Age’s tax reporter

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MPs to investigate tax havens

30 Apr 2008

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The Treasury Select Committee's announcement that it is looking into tax havens looks significant. Will this up the pressure on small offshore centres, I wonder?

Whether or not it does - and I'm sure we'll see plenty of discussion of the move over the next 24 hours - here are the full list of questions the committee are interested in.

The committee said:

The Committee would welcome, in particular, written evidence that relates to the following questions:

 To what extent, and why, are Offshore Financial Centres important to worldwide financial markets?

 To what extent does the use of Offshore Financial Centres threaten financial stability?

 How transparent are Offshore Financial Centres and the transactions that pass through them to the United Kingdom's tax authorities and financial regulators?

 To what extent does the growth in complex financial instruments rely on Offshore Financial Centres?

 How important have the levels of transparency and taxation in Offshore Financial Centres been in explaining their current position in worldwide financial markets?

 How do the taxation policies of Offshore Financial Centres impact on UK tax revenue and policy

 Are British Overseas Territories and Crown Dependencies well-regarded as Offshore Financial Centres, both in comparison to their peers and international standards?

 To what extent have Offshore Financial Centres ensured that they cannot be used in terrorist financing?

 What are the implications for the policies of HM Treasury arising from Offshore Financial Centres?

 What has been and is the extent and effect of double taxation treaty abuse within Offshore Financial Centres?

 To what extent do Offshore Financial Centres investigate businesses and individuals that appear to be evading UK taxation>

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