Royal Bank of Scotland placed at least £25 billion in offshore tax-avoidance
schemes, The Guardian has reported.
The arrangements mean the British and US treasuries would miss out on £500
million in lost revenue, the newspaper has claimed.
The previous management, led by Sir Fred Goodwin – sanctioned deals known as
“structured trades,” made across national borders that exploit gaps in different
countries’ tax laws, The Guardian said. Thirteen such deals, involving
amounts of as much as £6 billion at a time, were identified by The
The deals are not illegal, but companies that use them end up paying less tax
in their home country, beecause income is shifted to offshore facilities of tax
havens including the Cayman Islands in the Caribbean.
The new management at state-owned RBS, mindful of the fact that it is now 70%
owned by the taxpayer, has disbanded the department responsible and will put an
end to the controversial practice, The Guardian said.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states