Jersey woos tax avoiders with trusts structure
Tax haven actively woos investors with trust changes
Jersey has actively been wooing wealthy individuals who wish to shield
millions of pounds from tax authorities
In a series of emails seen by The Observer, Jersey treasury minister
Paul De Gruchy told senior Jersey financial officials that the territory needed
to reform its trusts structure to ‘compete more effectively for international
work, where wealthy families will often wish to place assets in a trust
structure and yet retain certain control over the management of the trust
Richard Murphy from the Tax Justice Network said that that emails showed that
Jersey was ‘rotten to the core’ and called on UK professional and regulatory
bodies to clampdown on the creation such tax regimes.
Malcolm Campbell, Jersey’s controller of income tax, told The
Observer that there was nothing novel in the proposed changes to Jersey’s
trust regime. He said the changes were similar to trust laws in New Zealand and
a number of US states.